Morning Note /
Global

Turkey: Tomorrow will be a half day of trading

  • Turkish equities recovered with the help of buying in airline & steel names

  • The main problem with equities continue to be that foreign investors are selling whatever they can get their hands on

  • They sold TRY12.6bn in June after selling TRY13.3bn in May

ATA Invest
7 July 2022
Published byATA Invest

Turkish equities recovered with the help of buying in airline & steel names, while Tupras continued to take a hit this time with collapsing oil prices(despite no signs of easing in product cracks).

The main problem with Turkish equities continues to be that foreign investors are selling whatever they can get their hands on (net selllers every month since December, which is the longest selling streak in history).

They sold TRY12.6bn in June after selling TRY13.3bn in May. The index fell 10% from peak to trough. If the foreign share of the free float was not as low as it is, the decline would have been more dramatic Tomorrow will be a half day of trading and on 11th and 12th July markets will be closed due to a national holiday.

Turkey has decided to apply an anti-dumping duty in the range of 7.0%-12.8% to EU and S. Korean flat steel producers.

In flat steel imports from the EU and South Korea, the decision of 7-12.8% antidumping duty, especially 10.9% to Arcelor Mittal, was published in the official gazette.

This expectation is for the purpose of protecting domestic production and is taken in response to the measures taken by other countries.

It is a positive decision for domestic producers such as Erdemir.

Sisecam <SISE TI> bought back 1,988k shares at an average price of TL20.76 on 6 July 2022

Since February, 26 2021, the total number of shares bought back reached 89.5mn at an average price of TL14.15.

Alarko Holding <ALARK TI> bought back 89K shares at an average price of TL31.05 on 6 July 2022.

Since March’18 2022, the total number of shares bought back reached 748K at an average price of TL31.36.

Medicalpark <MPARK TI> bought back 37K shares at an average price of TL33.18 on 06 July 2022.

Since 25 May 2022, the total number of shares bought back reached 1.5mn at an average price of TL34.32.

SISECAM <SISE TI> Şişecam Chemical Resources made an offer to acquire Şişecam Resource Partners for US$93mn.

On July 6, 2022, Sisecam Chemicals Resources LLC (“SCR”) made an offer to the Board of Directors of Sisecam Resource Partners LLC, the General Partner of Sisecam Resources LP (the “Issuer”) to acquire all of the outstanding common units, representing limited partner interests in the Issuer not already owned by SCR or its affiliates, in exchange for $17.90 per issued and outstanding publicly held common unit of the Partnership. Şişecam has 5.2mn publicly traded shares on the Newyork Stock Exchange.

Şişecam Chemical Resources LLC owns 74% of Şişecam Resources LP. Şişecam Resources LP is a publicly-traded company and 26% of its paid-in capital is traded on the New York Stock Exchange.

Şişecam and Ciner Group had previously decided to change the name of their cooperation regarding the soda business operations in the USA, and Ciner Resource LP announced that the name of the cooperation here was changed to Şişecam Resource LP in connection with the 60 percent operation previously transferred to Şişecam.