Morning Note /
Global

Turkey: The main resistance lies at 2,590

  • BIST-100 opened weak but was able to close above 2,500 support level yesterday

  • Today a positive opening is likely towards 2,540 - 2,550 resistance levels

  • We remain positive for TUPRS and expect a strong 2Q

ATA Invest
28 June 2022
Published byATA Invest

BIST-100 opened weak but was able to close above 2,500 support level yesterday. Today a positive opening is likely towards 2,540 - 2,550 resistance levels. The main resistance lies at 2,590.

HRC prices finally started picking up for the last couple of days which may be a trigger for the steel companies again. Please recall EREGL is one of ATA Top picks. TUPRS has been volatile but recovered quickly during the day. We remain positive for TUPRS and expect a strong 2Q. 

Macro news:

Manufacturing Capacity Utilization Rate (CUR) increased by 100bps y/y to 77.6% in Jun’22. (-40bps m/m) Seasonally adjusted Manufacturing CUR increased by 120bps y/y to 77.5% in Jun’22 (-60bps m/m).

Company news:

*SAHOL TI> bought back 250K shares at an average price of TL20.25 on 27 June 2022. Since 09 Nov 2021, the total number of shares bought back reached 51.2mn at an average price of TL16.50.

*MPARK TI> bought back 44K shares at an average price of TL33.52 on 27 June 2022. Since 25 May 2022, the total number of shares bought back reached 1.0mn at an average price of TL34.80.

*MGROS TI> The Competition Board approved the transfer of 25 stores operated in Trabzon and Giresun by Ay-Mar Ticaret Limited to Migros <MGROS TI>. (slightly positive) Migros had announced that the company submitted to the Competition Authority on 8 Nov’21 for the permission regarding the transfer of tenancy rights, the lease agreements and store equipment of 25 stores operated by Ay-Mar Ticaret Limited in Trabzon and Giresun. Competition Board announced the approval on transfer of stores with its statement dated 23 June 2022. Please note that, the number of stores to be transferred is subject to change in case of discrepancy in agreed terms.

*TKFEN TI> shareholder Ali Nihat Gökyiğit sold 210K TKFEN shares at TL22.90-23.16/shr and their stake declined to 6.62%.

*ARCLK TI> signed an agreement for the acquisition of Indesit International JSC and Whirlpool RUS LLC at maximum EUR220 mn to be paid in 10 years. (slightly positive)

*KRDMD TI> will pay 0,4385964 dividend and the reference price will be TL 12.311

Weekly Agenda:

June, 29: June Economic Confidence Index

June, 29: BRSA Monthly Banking Sector data

June, 30: June Foreign Trade Indices

June, 30: BRSA Weekly Banking Sector Data