Morning Note /
Turkey

Turkey: Risk appetite is still high

  • Despite the overbought signals, BIST 100 Index continue rising and closed at 4,962 level yesterday.

  • Attempts to break strong resistance at 5,000 failed yesterday.

  • Today we will hear 3Q GDP where the consensus is at 4,4%.

ATA Invest
30 November 2022
Published byATA Invest

Despite the overbought signals, BIST 100 Index continue rising and closed at 4,962 level yesterday. Attempts to break strong resistance at 5,000 failed yesterday. Risk appetite is still high and global markets are in green today. Daily resistance levels are 4,970-5,015. Today we will hear 3Q GDP where the consensus is at 4,4%. SASA CEO warned investors that he finds the share price expensive which in return may bring selling to SASA shares today. TUPRS and TOASO closed strong and recommended for short term trading. Today there will be reshuffling in MSCI Index and SASA HEKTS and YKBNK will be added to MSCI Index.

 Macro news:

Foreign trade deficit increased by 421.1% y/y to US$7.87bn (-18.1% m/m) in Oct’22 Proportion of imports covered by exports declined by 2,017bps to 73.0% in Oct’22. Net gold imports realized as US$3.0bn in Oct’22 (Oct’21: -US$27mn). Gold trade excluded proportion of imports covered by exports declined by 1,159bps y/y to 81.4% in Oct’22. Germany got the first spot in the major export destinations with US$1.69bn (-0.1% y/y) in Oct’22. Exports to Iraq (stands as the second major export destination) increased by 26.0% y/y to US$1.42bn in Oct’22. Russia got the first spot in the major import destinations. Imports from Russia increased by 105.1% to US$4.99bn in Oct’22. Imports from China (stands as the second major import destination) increased by 12.9% y/y to US$2.85bn in Oct’22

Company news:

* TKFEN TI> shareholder Ali Nihat Gökyiğit sold 875K TKFEN shares at TL40.0-40.58/shr and their stake declined to 5.89% from 6.12%.

*DOHOL TI> goes ex-dividend today, paying TL0.11/shr (1.42% div. yield) 

*FROTO TI> goes ex-dividend today, paying TL5.70/shr (1.29% div. yield)

*MPARK TI> bought back 16K shares at an average price of TL77.88 on 29 November 2022. Since 25 May 2022, the total number of shares bought back reached 6.7mn at an average price of TL48.89.

*SISE TI> The sale of 50mn of the shares bought back, to a foreign institutional investor, was carried out on 29.11.2022 on Borsa Istanbul through a block sale at the price of 36.96 TL/share. Sısecam shares amounting 101.7mn which were acquired at average price of 25.94TL via the share buy back program dated Feb 26 2021 - Nov 29 2022. The company sold 50mn shares through a block sale at the price of 36.96 TL/ share.

*SASA TI> According to Dunya Newspaper SASA CEO Ibrahim Erdemoglu said he is not comfortable with the current valuation of the company and believes it moved up very quickly.He added the company sold shares from TRY 80 (current price TRY 139,80) to protect small investors and he believes the price is expensive right now.

Weekly Agenda:

Nov, 30: 3Q GDP (cons 4,4%)

Dec, 1: November Markit PMI

Dec, 1 Weekly BRSA banking sector data