Morning Note /
Global

Turkish equities are expected to start the week positive

  • Turkey CDS is down and risk appetite seems to be high

  • This week Chinese, Japanese, ECB Turkish and Russian central bank rate decisions will be followed

  • Next week earnings season starts

ATA Invest
18 July 2022
Published byATA Invest

Turkish equities are expected to start the week positive in line with the rally in global markets. Turkey CDS is down and risk appetite seems to be high. This week Chinese, Japanese, ECB Turkish and Russian central bank rate decisions will be followed. CBT is expected to keep rates on hold on Thursday this week.

Next week earnings season starts. BIST 100 is expected to test 2,400 2,410 resistance levels today.

Macro news:

Industrial Production (IP) increased by 0.5% m/m in May’22 (8.9% y/y). Industrial production increased by 8.9% y/y in May’22 (Apr’22: 10.5% y/y) Industrial production* increased by 9.3% y/y in 5M22. Seasonally and Calendar Adjusted IP

Company news:

* SAHOL TI> bought back 367K shares at an average price of TL18.08 on 14 July 2022. Since 09 Nov 2021, the total number of shares bought back reached 56.8mn at an average price of TL16.73.

*ARCLK TI> bought back 200K shares at an average price of TL66.03 on 14 July 2022. Since 02 July 2021, the total number of shares bought back reached 67.6mn at an average price of TL44.56.

*MPARK TI> bought back 36K shares at an average price of TL36.12 on 14 July 2022. Since 25 May 2022, the total number of shares bought back reached 1.6mn at an average price of TL34.38.

SISE TI> bought back 2,850k shares at an average price of TL20.60 on 14 July 2022. Since February, 26 2021, the total number of shares bought back reached 92.3mn at an average price of TL14.35.

Weekly Agenda:

July 18: Central Government budget balance

July 19: June home sales

July 20: July Consumer confidence

July 21: CBT rate decision cons: no change ATA: no change

July 21: BRSA Weekly Banking sector data

July 25: July capacity utilisation rate

July 26: TOASO 2Q22