- Turkish equities continued to trade positively in parallel to their global peers as UST10s continued to ease to 1.5150
- In the absence of foreign investors, locals are putting a positive bet on the meeting between President Erdogan & Biden
- OYYAT: Oyak Invest shares will start trading in BIST tomorrow with a reference price of TL 18.65
Turkish equities continued to trade positively in parallel to their global peers as UST10s continued to ease from an high of 1.633 last week to as low as 1.5150 yesterday, which is the biggest supporter of all risk assets.
Despite ongoing concerns of rising inflation worldwide and US CPI data due on Thursday, risk-on mode continues as investors are focusing more on the momentum of global trade and the positive growth outlook.
In the absence of foreign investors, local investors are putting a positive bet on the meeting between President Erdogan & President Biden on 14 June to yield some sort of a positive outcome.
The banks, which had been big underperformers after the sudden removal of the Central bank governor, have been relative outperformers in the past month as they continue to be cheap on a historical perspective. However, it is important to remember that if the lira continues to remain weak, we should see deterioration in asset quality, which is reportedly low due to forebearences.
As there are 20 days to the end of 2Q, we are likely to see some q/q weakness on some consumer names, while commodity names like Erdemir should still see very strong results. Tupras, the perennial underperformer of the past two years, is finally getting some action as the airline travel picks up, despite limited improvement in jet cracks so far, but 2Q should be better than 1Q anyhow.
ENKA: Mehmet Tara bought 208K ENKA shares in price range TL9.03-9.05 His stake raised to %0.246
ISMEN: Penta Teknoliji 65k shares and its stake raised to 5.06%
OYYAT: Oyak Invest shares will start trading in BIST tomorrow with a reference price of TL 18.65
LKMNH: following the 50% bonus issue today the reference price wll be TL 10.36
June 10: April Foreign Trade Indices
June 10: April Unemployment Rate
June 11: April Industrial Production Index
June 11: June CBT Survey of Expectations
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