Morning Note /
Global

Turkey: We are starting a rather uneventful week

  • Brent is back to USD109/bbl level, while HRC prices in Turkey and Europe are continuing to rise

  • Foreign investors' share in the free float declined to 37.54% an all time low

  • March will be a record outflow in terms of Lira

Batuhan Ozsahin
ATA Invest
21 March 2022
Published by

We are starting a rather uneventful week in terms of data flow, while strong commodity prices are still the main theme for markets.

Brent is back to USD109/bbl level, while HRC prices in Turkey and Europe are continuing to rise in the absence of Russian and Ukrainian producers from the markets.

Foreign investors' share in the free float declined to 37.54%, an all-time low, as foreign investors have been selling EM exposure in the aftermath of Russia’s invasion of Ukraine. March will be a record outflow in terms of Lira, as they sold everything but especially banking shares and even rising names like Erdemir, Tupras and Ford Otosan have suffered from foreign investors’ reduction in exposure. If it was like in the old days, Turkish equities would have suffered big time.

Company news:

*SAHOL TI> bought back 400K shares at an average price of TL17.01 on 18 Mar 2022. Since 09 Nov 2021, the total number of shares bought back reached 32.4mn at an average price of TL14.80.

*ALARK TI> announced buy-back programme (Positive) The program consists of purchasing maximum number of shares which is nominal 8.7mn TL and the maximum amount of funds to be allocated for the share buyback as 180mn TL. We believe it will have positive impact on share performance.

*TTKOM TI> According to Sabah Dily newspaper Turkish Wealth Fund plans secondary offering while extending TTKOM’s operational rights which will expire in 2026.

*VAKBN TI> gets USD 250 mn funding from abroad.

Weekly Agenda:

Mar 23: 2021 unemployment rate

Mar 23: March consumer confidence index

Mar 25: March Capacity Utilization rate