Morning Note /
Turkey

Turkish equities remain resilient

  • Today's talks by Biden about the size of his economic revival plan

  • Powell's words on policy outlook would determine the direction of USD and revitalise the risk appetite

  • The weakening of USD later in the day can revitalise the appetite for banks

ATA Invest
14 January 2021
Published byATA Invest

Turkish equities continued to remain resilient with strong interest in the last 2 days for Sise Cam and Turkcell while banks remained flattish. We are still seeing net inflows to private banks, Sise Cam, Koc Holding from international investors.

Today's talks by Biden about the size of his economic revival plan and Powell's words on policy outlook would determine the direction of USD and revitalise the risk appetite. TRY is trading at 7.42 against the USD and 5-year CDS is at 320 after bottoming at 306 at Dec 31.

The weakening of USD later in the day can revitalise the appetite for banks. Our next strong resistance levels for the index is at 1575 and 1600 and the support level is at 1600.

Company news

Sabanci Holding: Sekerbak registered 9.99m shares of Sabanci Holding to be tradeable at the market.

Tekfen: Tekfen acquired Eur218mn project for the design and building of the Central Bank of Azerbaijan(this was awarded on Dec20). This constitutes 17% of its existing backlog as of 3Q20.