Morning Note /
Global

Turkey: We expect a positive opening today

  • Markets are facing historical days and are getting used to dollar positive era

  • In the meantime the consequences of the “war economy” are being felt more in Europe

  • The outcome will continue effecting Turkish companies gradually

ATA Invest
27 September 2022
Published byATA Invest

Markets are facing historical days and are getting used to dollar positive era. In the meantime the consequences of the “war economy” are being felt more in Europe. The outcome will continue affecting Turkish companies gradually.

EGSER TI announced that inefficient and production lines lack of orders will be closed temporarily. EGSER TI is a small company producing square tilers and panels but today’s announcement signals a general sentiment going forward in Turkish exporters. It is also a signal for the construction sector.

Global markets are mixed but in a much better mode today. BIST 100 recovered before closing yesterday and we expect a positive opening today towards the 3,300 level. It is very important for the index to close above 3,300 resistance level for further buying.

Macro news:

Manufacturing Capacity Utilization Rate (CUR) declined by 70bps y/y to 77.4% in Sep’22. (+70bps m/m) Seasonally adjusted Manufacturing CUR declined by 50bps y/y to 77.3% in Sep’22 (+70bps m/m). 

Company news:

Borsa Istanbul will apply the uptick rule in BIST 50 short sales today again.

*SAHOL TI> bought back 750K shares at an average price of TL26.44 on 26 September 2022. Since 09 Nov 2021, the total number of shares bought back reached 67.5mn at an average price of TL17.88.

*MPARK TI> bought back 14K shares at an average price of TL47.62 on 26 September 2022. Since 25 May 2022, the total number of shares bought back reached 3.8mn at an average price of TL38.74.

*ZOREN TI> Zorlu Enerji has agreed to sell shares with Kuwait Wealth Fund. Zorlu Holding announced that the contract was signed for the sale of the minority share of Zorlu Energy to the Kuwait Wealth Fund subsidiary. Accordingly, 12.34% of Zorlu Energy will be transferred to Wren House Infrastructure LP, a $38mn Kuwait Wealth Fund subsidiary. The share transfer will not lead to a change in the company's management control. Proceeds from the share transfer will be used to pay Zorlu Enerji's financial debts.

Weekly Agenda:

Sep, 29: Sep Economic confidence index

Sep, 29: BRSA monthly banking sector data

Sep, 30: Aug Foreign Trade statistics