Morning Note /
Global

Turkey: Today BIST-100 is likely to face a sluggish opening

  • Despite the recovery attempts, BIST faced strong weakness again and BIST-100 closed below the 2,500 support level

  • Global markets are also pricing in the economic slowdown again and signal a slightly negative opening

  • Unless the index stays above 2,500, the weakness can continue towards 2,470 support level

ATA Invest
29 June 2022
Published byATA Invest

Despite the recovery attempts, BIST faced strong weakness again in the afternoon yesterday and BIST-100 closed below the 2,500 support level. Global markets are also pricing in the economic slowdown again and signal a slightly negative opening. Today BIST-100 is likely to face a sluggish opening. Unless the index stays above the 2,500 level, the weakness can continue towards the 2,470 support level.

Company news:

* SAHOL TI> bought back 250K shares at an average price of TL20.25 on 28 June 2022. Since 09 Nov 2021, the total number of shares bought back reached 51.5mn at an average price of TL16.52.

*TURSG TI> Board decided to initiate a share buy-back programme up to 35.0mn shares, constitution 3% of Turkiye Sigorta’s issued share capital and allocate up to TL300mn funds for this programme. Please note that, the company’s free float stands at 19%. We believe it will have a positive impact on share performance.

*KCAER TI> Kocaer Celik Sanayi will start trading in BIST on June,30 and the IPO / reference price is TL 27.5

*MPARK TI> bought back 55K shares at an average price of TL33.55 on 28 June 2022. Since 25 May 2022, the total number of shares bought back reached 1,098K at an average price of TL34.74.

*ECILC TI> acquired Gensenta Ilac which produces generic pharmaceuticals, bio-similar products and active pharmaceutical ingredients from Amgen for USD “135 mn. Please recall that Gensenta Ilac was bought by Amgen back in 2012.

*GARAN TI> BBVA announced to use inflation accounting for Garanti bank as of Jan 1 2022.

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