Morning Note /
Turkey

Turkey: We expect a relatively positive opening

  • The global markets are sluggish today yet a relatively positive opening in is BIST expected today

  • US senate removed 2 conditions which restricts the sale of F-16 jets to Turkey in its meeting yesterday

  • Today we expect another trial towards this level

ATA Invest
12 October 2022
Published byATA Invest

The global markets are sluggish today yet a relatively positive opening in is BIST expected today. US senate removed 2 conditions which restricts the sale of F-16 jets to Turkey in its meeting yesterday. The procurement still needs a congressional approval so should not be seen as the final decision but can be perceived slightly positive. When such news is out usually trading at ASELS TI increases daily. BIST 100 tested 3,600 resistance but failed to break this level yesterday. Today we expect another trial towards this level. In case 3,600 level will be broken up then we expect further buying.

 Macro news:

Current account (C/A) deficit realised as US$3.11bn in Aug’22. (Bloomberg Cons: US$3.20bn) In Aug’22, there was a net inflow of US$0.8bn to portfolio investments (Jul’22: -US$0.6bn). 12M Trailing Current Account Deficit realised as US$40.9bn in Aug’22. 12M Trailing Current Account Deficit/GDP ratio realised as 4.9% in Aug’22. We expect Current Account Deficit (C/A) and CAD/GDP to be US$58bn and 7.3%, respectively in 2022.

Company news:

*PGSUS TI> Capital Group sold 154,364 shares of PGSUS at TRY 271.6310 on Oct, 10 and their share in PGSUS fell below 5%.

 *MPARK TI> bought back 91K shares at an average price of TL52.92 on 11 October 2022. Since 25 May 2022, the total number of shares bought back reached 4.2mn at an average price of TL39.80.

*HEKTS TI> will raise the capital through 150% rights issue and the reference price will be TRY 22,265

Weekly Agenda:

Oct, 12: Aug industrial production

Oct, 13: BRSA weekly banking sector data

Oct, 14 Sep Home sales

Oct, 14: Oct CBRT survey of participations