Morning Note /
Turkey

Turkey: Selling pressure at BIST100 continued

  • Global stock markets closed markedly lower on Tuesday

  • The continuing weakness in the market is partly due to a lack of story

  • We like Galata Wind(GWIND TI)’s green story and valuation better compared to the other names

ATA Invest
21 April 2021
Published byATA Invest

Global stock markets closed markedly lower on Tuesday amid a rising number of COVID-19 cases and on reports that the US will increase its “Do Not Travel” guidance to about 80% of countries worldwide, including Turkey. Selling pressure at BIST100 continued, ending the day 0.87% lower at 1,365. Meanwhile, the banking stocks diverged positively, rising by 0.95%. The continuing weakness in the market is partly due to a lack of story but also an adjustment in portfolio allocations ahead of the three upcoming IPOs. The IPO performances have been very good in 2021, so most retail investors are chasing for quick returns without differentiating among companies. We like Galata Wind(GWIND TI)’s green story and valuation better compared to the other names, AYDEM TI and BTREND TI, despite offering similar stories.

Company news:

LOGO: will distribute 300% bonus shares today

TKFEN: According to Tekfen's <TKFEN TI> announcements, the court has cancelled a previous positive Environmental Impact Assessment report for planned polypropylene production facility. Please note that the company will appeal against the decision. This investment is not included in our valuation currently. The EIA cancellation decision does not affect our 12M TP for Tekfen.

TAVHL: According to the public disclosure platform the free float of the company increased to 48% from 44%.

Weekly Agenda:

April 22: April Consumer Confidence (March 86.7)

April 23: The market will be closed due to a national holiday