The third week of September starts with a slew of interest rate decisions including US and Turkey. CBT rate decision will be announced on Thursday, where some participants including ATA Invest expect another 100 bp rate cut which was signalled by CBT last month. The profit taking in banking sector shares continues. We remain cautious, especially on public banks. Banking sector shares are profitable this year yet we expect this profitability to decline next year and continue recommending non-bank sectors and selective companies.
Today a negative opening is expected where the risk appetite is low. 3.320 and 3.275 are the daily support levels for the day. Daily resistance lies at 3.400. Technically we recommend TOASO and BIMAS for buying.
Company news:
Borsa Istanbul announced uptick rule again in BIST 50 sales today.
*MPARK TI> bought back 13K shares at an average price of TL46.62 on 16 August 2022. Since 25 May 2022, the total number of shares bought back reached 3.6mn at an average price of TL38.38.
*SAHOL TI> bought back 1mn shares at an average price of TL26.93 on 16 September 2022. Since 09 Nov 2021, the total number of shares bought back reached 65.9mn at an average price of TL17.67.
Weekly Agenda:
Sep, 22: Sep Consumer confidence index
Sep, 22: CBT rate decision
Sep, 22: BRSA Weekly banking sector data