Morning Note /
Global

Turkey: Global markets signal another volatile and weak day for Turkish equities

  • USD is getting stronger all over the world

  • BIST-100 keep being very volatile and closed below 2,400 level yesterday

  • 2,385-2,400 are the daily resistance levels

Zeynep Erman
Zeynep Erman

Equity Research Analyst

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ATA Invest
6 July 2022
Published byATA Invest

While USD is getting stronger all over the world, oil falls sharply which is very positive in terms of Turkey’s macro picture. BIST-100 keeps being very volatile and closed below the 2,400 level yesterday. Global markets are again in the red and signal another volatile and weak day for Turkish equities. 2,385-2,400 are the daily resistance levels. Volume is weak while there is any recovery attempts. Due to the long religious holiday which starts on Friday afternoon and ends on Tuesday, risk appetite seems very low.

Macro news:

Real Effective Exchange Rate (REER) declined by 4.0% m/m to 53.33 in June’22 (May’22: 55.56). FX basket which is calculated as an average of Euro and US$ appreciated by 8.0% m/m in June’22 (May’22: 5.8%).

Company news:

* SISE TI> bought back 1,136k shares at an average price of TL21.00 on 5 July 2022. Since February, 26 2021, the total number of shares bought back reached 87.5mn at an average price of TL14.00.

*ALARK TI> bought back 47K shares at an average price of TL31.28 on 5 July 2022. Since March’18 2022, the total number of shares bought back reached 660K at an average price of TL31.40.

*MPARK TI> bought back 94K shares at an average price of TL33.21 on 05 July 2022. Since 25 May 2022, the total number of shares bought back reached 1.4mn at an average price of TL34.35.

*SAHOL TI> bought back 1mn shares at an average price of TL18.42 on 5 July 2022. Since 09 Nov 2021, the total number of shares bought back reached 55.5mn at an average price of TL16.69

*ASELS TI> acquired US$25mn project from an international client for the supply of defense systems (slightly positive). The acquired project accounts for 0.3% of US$8.3bn backlog (as of 1Q22-end). We consider that the contribution of the project will be slightly positive. 

Weekly Agenda:

July 7: BRSA Weekly Banking Sector Data

July 8: May CAD

July 8 : July survey of expectations