Morning Note /
Turkey

Turkey: Global markets are rising due to China’s rebound

  • Commodities also reacted positively to china and we see oil prices up by 2%

  • Today another positive opening is likely and we expect 5,000 resistance to be tested today

  • 4,910-4,830 are the daily support levels

ATA Invest
29 November 2022
Published byATA Invest

Global markets are rising due to the China’s rebound due to the expectation that China will pull back its zero Covid policies. Commodities also reacted positively to china and we see oil prices up by 2%. Turkish equities decouple from the world and breathless rise continues and BIST100 almost tested 5,000 level yesterday. Today another positive opening is likely and we expect 5,000 resistance to be tested today but may not be broken up easily. 4,910-4,830 are the daily support levels. President Erdogan’s comments that new measures are likely against food retailers may lead to selling pressure on MGROS BIMAS and SOKM. SISE’s request on Russian flat glass exports to Turkey will be reviewed and anti dumping measure expectations may bead to a rise in SISE shares today.

 Company news:

*SISE TI> According to the official newspaper Turkey will review antidumping measures against flat glass imports from Russia as the measures’ expiration date nears. The review was initiated on request from Turkish producers Sisecam and Duzce Cam.

 *MGROS TI BIMAS TI SOKM TI> President Erdogan said that they are reviewing claims on retails chains over pricing and will implement new measures. Negative for food retailers

 *MPARK TI> bought back 14K shares at an average price of TL76.07 on 28 November 2022. Since 25 May 2022, the total number of shares bought back reached 6.7mn at an average price of TL48.82.

Weekly Agenda:

Nov, 29: November Economic Confidence Index

Nov, 29: October Foreign Trade Statistics

Nov, 29 BRSA monthly banking sector data

Dec, 1: November Markit PMI

Dec, 1 Weekly BRSA banking sector data