Morning Note /
Turkey

Turkey: Today we expect BIST 100 to test 5,250 resistance

  • BIST 100 Index almost tested 5,300 resistance on Friday

  • Steel and telecom were under selling pressure

  • This week CBRT rate decision will be out on Thursday where no change is expected which is line with CBRT guidance

ATA Invest
19 December 2022
Published byATA Invest

BIST 100 Index almost tested 5,300 resistance on Friday and closed at 5,214 level. Steel and telecom were under selling pressure. This week CBRT rate decision will be out on Thursday where no change is expected which is line with CBRT guidance. Global markets are likely to start the week in red as the worries continue on FED’s tight policy. This weekend Christmas holiday will start and global markets are expected to be quieter. Today we expect BIST 100 to test 5,250 resistance and n case broken up 5,400 will be the next resistance level. Daily support levels lie at 5,100-5,050 and 4950.

Macro and Political news:

2022 year-end inflation expectations realized at 66.80% in Dec’22. 2022 year-end US$/TL rate expectation realised at 18.78 in Dec’22. 2022 GDP growth expectations realised at 5.0% in Dec’22. Current Account Balance expectations realised at -US$46.7bn in Dec’22. 

Company news:

*SAHOL TI> Board's decided to increase the amount of the fund for the allocation of the share buy-back to TL3.25bn from TL1.75bn. Sabancı Holding shares amounting 75.9mn which were acquired at average price of 19.71TL via the share buy back program dated Nov 09 2021 – Dec 07 2022. Please note that SAHOL sold 40.8mn shares through a block sale at the price of 36.60 TL/ share. Sabancı Holding recorded TL856mn income.

 *THYAO Tl> General Manager Bilal Ekşi announced to Anadolu Agency that the company will recruit 2,600 new cabin crew and 1,200 new pilots for 2023. In addition, He stated that the company aim to grow over 10% in ASK in 2023, within our expectations. (neutral)

 *MPARK TI> bought back 6K shares at an average price of TL79.45 on 16 December 2022. Since 25 May 2022, the total number of shares bought back reached 6.8mn at an average price of TL49.51.

 *ZOREN TI> Zorlu Holding announced that they sold 16 mn shares of ZOREN at TRY 6,76 on Friday via block sale.

Weekly Agenda:

Dec,20: Dec Economic Confidence Index

Dec, 22: CBRT Interest Rate decision

Dec, 22: BRSA Weekly banking sector data