Morning Note /
Global

Turkey: Positive start, but volatility likely later

  • DXY strength and a 50bps surprise rate cut expectation in an IIF report caused the lira to depreciate over 1.2%

  • Banks kept their composure while weakness in steel names continued

  • t is the first day of this week in which all equity futures are trading at positive territory including China&Hong Kong

ATA Invest
17 September 2021
Published byATA Invest

DXY strength and a 50bps surprise rate cut expectation in an IIF report caused the lira to depreciate over 1.2% from its highs yesterday morning. Banks kept their composure while weakness in steel names continued. It is the first day of this week in which all equity futures are trading at positive territory including China & Hong Kong. The common trend for BIST-100 all of this week was to start at positive territory then giving up all of its gain to into red. It is quadruple witching day in the US today, hence we could see some volatility in US options & futures markets, hence despite a positive start expectation, we could again try to hold on at 1410 level.

UK’s revision on its red list for travellers will be announced today. Turkey is expected to come off from the red list which may affect the aviation names positively.

Company news:

*SISE: bought back 2.0mn shares at an average price of TL8.35 on 16 September 2021. Since February, 26 2021, the total number of shares bought back reached 14.1mn at an average price of TL7.73.

*ARCLK: bought back 880k shares at an average price of TL31.82 on 16 Sep 2021. Since 02 July 2021, the total number of shares bought back reached 17.4mn at an average price of TL32.32 .

*BIMAS: One of the shareholders, Merkez Bereket bought 64.2k shares at TL 67.7916 and his shares reached 15.0228%

*ENKA: Board member Sinan Tara bought 70k shares at TL 10.45 raising his stake to 0.352%

*SASA: the company bought back 1.3 mn shares at TL 26,60-27,34 band. Total number of shares owned by the company reached 13.7 mn.