Morning Note /
Turkey

Turkey: We expect a flat opening today

  • CBRT cut rates yesterday which was in line with their previous announcements

  • BIST 100 faced another volatile day which is the new normal and closed almost unchanged yesterday

  • BIST 100 continues its upward trend but signals a need for a profit taking sales

ATA Invest
25 November 2022
Published byATA Invest

CBRT cut rates yesterday which was in line with their previous announcements and finally reached single digit interest rates and suspended rate cuts going forward. BIST 100 faced another volatile day which is the new normal and closed almost unchanged yesterday. We expect a flat opening today and the daily support levels are 4,800 4,780 and 4,720. BIST 100 continues its upward trend but signals a need for a profit taking sales. We like PGSUS VESTL, TOASO, TUPRS, KCHOL, SAHOL technically.

 Macro news:

Manufacturing Capacity Utilization Rate (CUR) declined by 220bps y/y to 75.9% in Nov’22. (-100bps m/m) Seasonally adjusted Manufacturing CUR declined by 170bps y/y to 75.9% in Nov’22 (-70bps m/m).

Company news:

* DOAS TI> announced that Dogus Holding sold 8.8mn Dogus Otomotiv shares at TL140-146/shr by private order and their stake declined to 71.3% from 75.3%. The transaction occurred at TL140-146/shr with a 4-8% discount, and the gross revenue from the transaction corresponds to approximately TL1.2bn-TL1.3bn. 4% of the shares are sold indicates that there is long-term corporate investor interest in the company and is also positive in terms of liquidity.

 *MPARK TI> bought back 15K shares at an average price of TL74.31 on 24 November 2022. Since 25 May 2022, the total number of shares bought back reached 6.7mn at an average price of TL48.71.