Morning Note /
Global

Turkey: The most serious progress yet between Ukraine-Russia brought optimism

  • We saw a risk on mode and aviation sector benefited the most

  • Dogan Holding acquired 40% of listed Karel Electronics

  • We expect to the index to remain above 2200 level ahead of the earnings season due to start in 3 weeks.

Batuhan Ozsahin
ATA Invest
30 March 2022
Published by

The most serious progress between Ukranian-Russia since the beginning of the invasion and Russia’s reducing its activity around Kyiv brought a much needed optimism to the markets.

We saw a risk on mode and the aviation sector benefited the most, while the sectors that had been beneficiaries since the beginning of the war, steelmakers and other commodity names, saw some profit-taking.

Turkish Airlines will break its ATH Lira level at the opening, while Sise Cam will also continue its upward move. Dogan Holding acquired 40% of listed Karel Electronics as it seeks to diversify its business lines. We expect to the index to remain above 2200 level ahead of the earnings season due to start in 3 weeks.

Macro news:

Company news:

*AKBNK TI> goes ex-dividend today, paying TL0.23/shr (3.17% div. yield) The reference price will be TL 7.107

*ARCLK TI> bought back 50K shares at an average price of TL56.76 on 29 March 2022. Since 02 July 2021, the total number of shares bought back reached 56.6mn at an average price of TL40.27.

Weekly Agenda:

March, 30: March Economic Confidence

March, 30: AKBNK TL 0.23/share cash dividend payment

March, 31: February Trade Balance( Consensus -US$8.1bn, January -US$10.3bn)

March, 31: CIMSA TL 1.48/share cash dividend payment

April, 1: SAHOL TL 0.75/share cash dividend payment

April, 4: March CPI ( Ata estimate 4.7% m/m, 60% y/y)

April, 4: KORDS TL 0.82/share cash dividend payment