Morning Note /
Turkey

Turkish equities joined the rally but faced a volatile day yesterday

  • A correction is necessary and expected but breathless rally continues

  • Today we expect a flat opening in the market

  • Daily support levels lie at 4,650-4,630

ATA Invest
16 November 2022
Published byATA Invest

US PPI which was announced yesterday was better than expectations and increased the positive sentiment in the markets. Turkish equities joined the rally but faced a volatile day yesterday. A correction is necessary and expected but breathless rally continues. Banking sector shares faced more flow before closing and YKBNK was limit up yesterday prior YKBNK’s addition in MSCI Turkey index on November 30. A rocket which hit Poland was the main topic late yesterday night but tensions seems to calmed down. Today we expect a flat opening in the market and in case of further buying 4,685 and 4,700 resistance levels can be tested. Daily support levels lie at 4,650-4,630 and unless 4,500 support will be broken down we expect the positive trend to continue in the market. FROTO, KCHOL are the companies we like technically today

Company news:

MPARK TI> bought back 34K shares at an average price of TL71.85 on 15 November 2022. Since 25 May 2022, the total number of shares bought back reached 6.5mn at an average price of TL48.05.

Weekly Agenda:

Nov, 16: October Home sales

Nov, 17: BRSA Weekly Banking sector data

Nov, 18: October CBRT Survet of participants