Morning Note /
Turkey

Turkey: Flat opening likely today

  • Despite the daily volatility BIST -100 closed exactly at 5,000 resistance yesterday

  • KRDMD rose sharply following the Turkish Wealth fund’s announcement to buy 50 mn shares of KRDMA

  • Brent pieces has fallen below USD 80 which is Turkish macro positive

ATA Invest
7 December 2022
Published byATA Invest

Despite the daily volatility BIST -100 closed exactly at 5,000 resistance yesterday. KRDMD rose sharply following the Turkish Wealth fund’s announcement to buy 50 mn shares of KRDMA. According to the official gazette retail companies having more than 200 stores will have to disclose their product list and product list to Ministry of Trade. Brent pieces has fallen below USD 80 which is Turkish macro positive Today a flat opening is likely and we expect 4,900 support to hold and upward momentum to continue.

Macro news:

Real Effective Exchange Rate (REER) increased by 0.3% m/m to 55.65 in Nov’22 (Oct’22: 55.48). FX basket which is calculated as an average of Euro and US$ appreciated by 1.9% m/m in Nov’22 (Oct’22: 1.1%).

Company news:

*Retailers > According to the official gazette retail companies having more than 200 stores will have to disclose their product list and product list to Ministry of Trade.

*MPARK TI> bought back 10K shares at an average price of TL76.77 on 6 December 2022. Since 25 May 2022, the total number of shares bought back reached 6.8mn at an average price of TL49.17.

 *KRDMA TI> Turkey Wealth Fund announced that stake purchases of 50mn (27% of the total A Class share capital) A shares of Kardemir <KRDMA TI> completed at TL13.05/shr.

 *ENKAI TI> sold 1.96 mn shares bought back, at TL 27.30/shr . As a result of the transaction, the company booked TL44.3mn net income.

Weekly Agenda:

Dec, 8: BRSA Weekly Banking Sector Data