BRSA restricted commercial lira loans to corporate borrowers if they hold more than 15mn TL ($890,000) in foreign-currencies and if the amount exceeds 10% of total assets or annual sales. Lira appreciated as much as 4.5% against US$ and now is up 2.43% at 16.60. The initial reaction for equities will be negative but this regulation change will not affect most BIST-30 companies. We could see wild swing in equities today especially in small and mid caps.
Manufacturing Capacity Utilization Rate (CUR) increased by 100bps y/y to 77.6% in Jun’22. (-40bps m/m) Seasonally adjusted Manufacturing CUR increased by 120bps y/y to 77.5% in Jun’22 (-60bps m/m).
*THYAO TI> PGSUS TI > The price cap for domestic flights in Turkey increased from 899 TL to 1000 TL. <Positive, THYAO, PGSUS > The price cap applied on domestic flights, which was previously 899 TL, was increased to 1000 TL. The number of passengers on domestic flights was at 43% of the total PAX of PGSUS. Domestic flights are 26% of total revenues. We consider these new price level positive for PGSUS. In THYAO, domestic flights revenues are at 8% of the total revenue. Before the pandemic, domestic revenues made up 11% of total revenue. We consider these new price level slight positive for THYAO.
*SAHOL TI> bought back 250K shares at an average price of TL20.45 on 24 June 2022. Since 09 Nov 2021, the total number of shares bought back reached 51.0mn at an average price of TL16.48.
*MPARK TI> bought back 75K shares at an average price of TL33.74 on 24 June 2022. Since 25 May 2022, the total number of shares bought back reached 999K at an average price of TL34.86
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