BIST-100 is up 5.5% on the week and 33.2% ytd and the 2500 level is likely be broken by the 1Q results despite trading at overbought levels. This will be a quiet day with most western markets being closed for good Friday.
Banks are bracing the earnings season with good momentum as most banks will report over 200% y/y earnings increase. EKGYO closed the day limit after reporting 1Q sales figures and the momentum in REITS could continue as real estate prices are going through the roof with deep negative real interest rates.
The CBRT Monetary Policy Committee kept its policy rate unchanged at 14% as expected. In the summary resolution text, MPC mentioned that geopolitical risk keeps the downside risk on global economic activity alive and high course of commodity prices, supply constraints and deterioration in the supply chain had become evident again. It has been underlined that the risks arising from energy prices continue in the current account balance. The contribution to financial stability of the loan growth rate and the use of loans in accordance with their purpose was emphasized. In this context, the macro prudential policy set will be strengthened and put into practice. The main reasons for the high course of inflation are seen as geopolitical risk and negative supply shocks.
*SISE TI> bought back 2.19mn shares at an average price of TL17.34 on 14 April 2022. Since February, 26 2021, the total number of shares bought back reached 47.0mn at an average price of TL9.81.
*EKGYO TI> announced its unit sales for 1Q22 and the company exceeded sales target in 1Q22. (positive, not rated) Reported sales value of TL6,430mn increased 257% y/y and also %102 higher than the company guidance for 1Q22 of TL3,190mn. Unit sales were lower by 14% y/y in 1Q22 while gross sellable area increased by 5% y/y in 1Q22. EKGYO guides expects TL27bn total sales value, implying 57% increase in 2022. Also EKGYO targets TL1.44bn net income in 2022. EKGYO is currently trading at 64% discount compared its NAV whereas it was trading at 60% historically.