Morning Note /
Global

Turkey: Global markets are signalling a positive opening for BIST today

  • The market faced weakness and closed below 2,400 support yesterday which is technically negative

  • Today a trial to break 2,400 is likely yet any closing below 2,400 will signal further weakness going forward

  • KCHOL, FROTO, SISE can be outperformers for today. BIMAS can also be in trial for recovery attempts

Batuhan Ozsahin
ATA Invest
17 May 2022
Published by

Global markets are signalling a positive opening for BIST today. The market faced weakness and closed below 2,400 support yesterday which is technically negative. Today a trial to break 2,400 is likely yet any closing below 2,400 will signal further weakness going forward. KCHOL, FROTO, SISE can be outperformers for today. BIMAS can also be in trial for reGlobal markets are signalling a positive opening for BIST today. The market faced weakness and closed below 2,400 support yesterday which is technically negative.

Today a trial to break 2,400 is likely yet any closing below 2,400 will signal further weakness going forward.

KCHOL, FROTO, SISE can be outperformers for today. BIMAS can also make recovery attempts.

Macro news:

Current account (C/A) deficit realised as US$5.55bn in Mar’22. (Bloomberg Cons: US$5.70bn) In Mar’22, there was a net outflow of US$3.05bn to portfolio investments (Feb’22: -US$0.77bn). 12M Trailing Current Account Deficit realised as US$24.2bn in Mar’22. 12M Trailing Current Account Deficit/GDP ratio realised as 3.0% in Mar’22. We expect Current Account Deficit (C/A) and CAD/GDP to be US$48bn and 7.4%, respectively in 2022.

Company news:

*BIMAS TI> bought back 100K shares at an average price of TL81.09 on 16 May 2022. Since 6 Dec 2021, the total number of shares bought back reached 3.7mn at an average price of TL71.27.

*ARCLK TI> bought back 275K shares at an average price of TL70.06 on 16 May 2022. Since 02 July 2021, the total number of shares bought back reached 65.6mn at an average price of TL43.83. 

*SISE TI> bought back 2,94mn shares at an average price of TL19.35 on 16 May 2022. Since February 26 2021, the total number of shares bought back reached 73.3mn at an average price of TL12.80.