Morning Note /
Turkey

Turkey: We expect a weak opening today

  • Global markets seem quiet but negative prior US inflation data today

  • The markets may be on the wait and see side till the announcement

  • Please recall we expect a strong 3Q for PGSUS

ATA Invest
13 October 2022
Published byATA Invest

Global markets seem quiet but negative prior US inflation data today. The markets may be on the wait and see side till the announcement. FED minutes yesterday signalled a committed tightening policy. Yesterday 3,600 resistance was not broken not even tested yet a BIST 100 closed slightly above 3,500 support level. We expect a weak opening today again towards 3,500 support level. Despite heavy selling spree in PGSUS yesterday the stock recovered quickly. Please recall we expect a strong 3Q for PGSUS. Out of banking sector we get expect the strongest results from GARAN TI.

Macro news:

Industrial Production (IP) increased by 2.4% m/m in Aug’22 (0.9% y/y). Industrial production increased by 0.9% y/y in Aug’22 (Jul’22: 3.2% y/y) Industrial production* increased by 7.3% y/y in 8M22.

Company news:

*MPARK TI> bought back 58K shares at an average price of TL52.82 on 12 October 2022. Since 25 May 2022, the total number of shares bought back reached 4.2mn at an average price of TL39.98.

*SAHOL TI> bought back 1mn shares at an average price of TL27.60 on 12 October 2022. Since 09 Nov 2021, the total number of shares bought back reached 69.6mn at an average price of TL18.15.

Weekly Agenda:

Oct, 13: BRSA weekly banking sector data

Oct, 14 Sep Home sales

Oct, 14: Oct CBRT survey of participations