Morning Note /
Global

Turkey: Strong trend continues

  • Turkish equities continued its rally and closed above 3.500 resistance level

  • Although the valuations of the banks signal a correction, strong flow continues and signals a very strong opening today

  • Daily HRC started rising lately which helped the steel companies last week and today we expect EREGL to join the rally

ATA Invest
12 September 2022
Published byATA Invest

Turkish equities continued their rally and closed above the 3.500 resistance level thanks to the strong buy-side flow on banking sector shares on Friday.

Although the valuations of the banks signal a correction, the strong flow continues and signals a very strong opening today.

Global markets will be following US inflation figure tomorrow. 3,540-3,560-3,580-3,600 are the daily resistance levels. Daily HRC started rising lately which helped the steel companies last week and today we expect EREGL to join the rally. FROTO ENKAI and TOASO also look strong technically.

President Erdogan will announce the biggest low-cost housing project which may initiate buying in construction-related companies today like cement steel glass and REITs.

Company news:

* MPARK TI> bought back 8K shares at an average price of TL45.79 on 9 September 2022. Since 25 May 2022, the total number of shares bought back reached 3.5mn at an average price of TL37.95.

Weekly Agenda:

Sep, 12: July Current Account Balance prior -3.46k

Sep, 12 July unemployment rate prior 10.3%

Sep, 13: July Industrial production index prior 1.3%

Sep, 15: August Home sales statistics prior 93.9k

Sep, 15: BRSA Weekly Banking sector data

Sep, 16: Sep CBRT Survey of participants