Morning Note /
Turkey

Turkey: We expect another positive opening

  • Turkish equities had another rally and BIST 100 closed at 4,780 level.

  • US equities rallied as well and signals a positive opening in European equities as well.

  • We like SAHOL and KCHOL technically.

ATA Invest
23 November 2022
Published byATA Invest

Turkish equities had another rally and BIST 100 closed at 4,780 level. US equities rallied as well and signals a positive opening in European equities as well. Today we expect another positive opening towards 4,800 level which is the critical resistance level and should be broken up on its way towards 5,000 level. Aviation companies are laggards and PGSUS and THYAO may be in a catch up move. We also like SAHOL and KCHOL technically.

Macro news:

Consumer Confidence Index* (CCI) increased by 0.6% m/m to 76.6 in Nov’22 (7.7% y/y)

  • Financial situation expectation of households* decreased by 0.5% m/m to 75.8 in Nov’22.

  • General economic situation expectation* increased by 3.4% m/m to 80.5.

  • Number of people unemployed expectations* increased by 2.0% m/m to 74.5 in Nov’22.

Probability of savings* increased by 0.4% m/m to 31.9 in Nov’22

Company news:

*PGSUS TI> announced that the settlement of the sale of shares to institutional investors through accelerated bookbuilding transaction disclosed to the public on 17.11.2022 is completed. Please recall Esas Holding announced the sale of 7.2mn shares corresponding to approximately 7% of the share capital of Pegasus.

*White goods sales increased by 9% to 651 thousand units in the domestic market, while exports declined by 0.1% to 2.5mn units in Oct’22. Total white goods production increased by 2% y/y to 2.9mn in Oct’22.

*MPARK TI> bought back 14K shares at an average price of TL70.88 on 22 November 2022. Since 25 May 2022, the total number of shares bought back reached 6.6mn at an average price of TL48.55.

Weekly Agenda:

Nov, 24: November Capacity Utilisation Rate

Nov, 24: CBRT Interest Rate Decision

Nov, 24: BRSA Weekly Banking sector Data