Morning Note /
Global

Turkey: It is Fed day

  • BIST-100 is suffering a broader weakness compared to global peers

  • But probably more than that, the two index heavy weights, Erdemir and Otosan are definitely helping, dropping 3% each

  • Steel names are suffering all around the world (Arcelor Mittal is down almost 20% from its August high)

ATA Invest
22 September 2021
Published byATA Invest

It is Fed day and BIST-100 is suffering a broader weakness compared to global peers, as the worry of an earlier than expected cut is weighing on Turkish stocks.

But probably more than that, the two index heavy weights, Erdemir and Otosan are definitely helping, dropping 3% each. Steel names are suffering all around the world (Arcelor Mittal is down almost 20% from its August high).

A dovish FED could bring back some of the recent losses for Turkish equities but it is best to go into 3Q earnings season with GAranti, Tupras and Coca Cola. Eregli and Kardemir below their 200 DMA are getting into interesting levels for a technical rebound.

Company news: 

ARCLK TI: Arcelik bought back 1m shares at TL31.74 average, bringing total buyback to 22.5m shares.

BIMAS TI: BIM shareholder Bereket Gıda bought 100K shares at TL67.66 average, increasing stake to 15.05%.