Morning Note /
Global

Turkey: We expect positive opening

  • Turkish equities keep decoupling sharply from global markets and BIST 100 keep testing new records

  • Today another positive opening is likely towards 3.375 and the next resistance levels are 3.390 and 3.400

  • Technically we like TAVHL PGSUS TOASO DOHOL

ATA Invest
6 September 2022
Published byATA Invest

Turkish equities keep decoupling sharply from global markets and BIST 100 keep testing new records. Today another positive opening is likely towards 3.375 and the next resistance levels are 3.390 and 3.400. Technically we like TAVHL PGSUS TOASO DOHOL. While the strong flow continues the buying in banking sector shares are exaggerated we believe.

Macro news:

Consumer Price Index (CPI) CPI increased by 1.46% m/m in Aug’22 (Bloomberg consensus: +2.00%). CPI increased by 1.46% m/m to 80.21% y/y in Aug’22. PPI increased by 2.41% m/m to 143.75% y/y in Aug’22. With the highest share in the calculation (%25.32), Food and Non-Alcoholic beverages increased by 0.85% m/m (+90.25% y/y) in Jul’22. Core inflation (excluding alcoholic beverages, tobacco products, energy and gold, B) increased by 72.53% y/y in Aug’22 (Jul’22: 68.46% y/y). With the Inflation Report published in Jul’22, Central Bank of Turkey increased its 2022 inflation target to 60.4% from 42.8%. (ATA Est.: 72.0%).

Company news:

* MPARK TI> bought back 55K shares at an average price of TL41.80 on 5 September 2022. Since 25 May 2022, the total number of shares bought back reached 3.3mn at an average price of TL37.68.

*MPARK TI> announced that the company decided to transfer Medical Park Elazığ Hospital (neutral). The company decided to transfer Elazığ Hospital in order to increase its portfolio efficiency in line with its strategy of growing with large-scale hospitals in metropolitan areas (neutral). Please nothe that, the share of the Medical Park Elazığ Hospital in consolidated hospital revenue was 2.2% and 0.1% in consolidated EBITDA in 1H22. After this transfer, number of hospitals operated by Medicalpark declined to 26 from 27.

Weekly Agenda:

Sep 6: Aug REER

Sep 8: BRSA Weekly banking sector data