Morning Note /
Global

Turkey: Today another weak opening is expected

  • Despite strong selling, BIST 100 was able to close above 2,400 support level on the first trading day of the week

  • Please recall tomorrow the markets are closed due to national holiday

  • Daily support levels lie at 2,400 - 2,385 - 2,360 - 2,340

ATA Invest
14 July 2022
Published byATA Invest

Worse than expected US inflation brought sharper rate cycle expectations from FED which increased the weakness in Turkish equities yesterday. Despite strong selling, BIST 100 was able to close above the 2,400 support level on the first trading day of the week.

Today another weak opening is expected. Please recall that markets are closed tomorrow due to a national holiday.

Company news:

* MPARK TI> bought back 40K shares at an average price of TL35.53 on 13 July 2022. Since 25 May 2022, the total number of shares bought back reached 1.6mn at an average price of TL34.34.

 *ARCLK TI> bought back 50K shares at an average price of TL67.13 on 13 July 2022. Since 02 July 2021, the total number of shares bought back reached 67.4mn at an average price of TL44.49.

 *ARCLK TI > the company shared guidance on 2Q and weak margins are likely in 2Q which may put pressure on equity price in the short term.

 *SAHOL TI> bought back 439K shares at an average price of TL18.22 on 13 July 2022. Since 09 Nov 2021, the total number of shares bought back reached 56.4mn at an average price of TL16.72.

Weekly Agenda:

July 14: May Industrial production Index

July 15: National Holiday and the markets will be closed