ANALİZ-Morning Report(TFG Istanbul Menkul Değerler) [FNC-NEWS]

https://news-files.foreks.com/attachment/1674800494372_TFGISTANBULMORNINGREPORT27JAN2023.pdf

LIKES OF HIGHER INTEREST ON DEPOSITS IS DOWNBEAT FOR EQUITIES

The BIST100 closed the day 1.26% lower at 5231, and rather low turnover of below 100k at 90.4k level, as it seems the recent chainsaw trading mood, coupled with higher deposit rates have scared-off some small investors from investing at the BIST.
The BIST had seen its bottom at 5200, and pared most of its losses, but the higher-than expected U.S. GDP growth rate, once again accelerated the selling appetite.
Due to the increasing regulations by the CBRT that may pull down bank earnings, banking sector lost a further 3.5%, and the Conglomerates fell by 1.5%, whereas only the REITs and the Energy stocks managed to diverge positively from their peers.
VESTL, ARCLK and TOASO led the gains at the BIST30, whereas GUBRF faced profit-taking after its recent surge and was followed by KOZAA and AKBNK.
Today, we expect a positive opening at the BIST, however, the disclosure of the U.S. PCE inflation figures may once again sour the mood.
As of yesterday?s close, the TRY is trading flat at 18.81 against the USD, and flat at 20.45 against the Euro, whereas the DXY is trading calm, just south of the 102 level. The 2yr and 10yr yields both closed higher by 2bps and 20bps to 10.32% and 10.36%, respectively. The CDS closed flat at 555.
On the commodity front, Brent is trading slightly higher at USD 87.65, and both ounce and gram GOLD are trading slightly lower at USD 1925 and TRY 1164, respectively.
The U.S. economy expanded at a faster pace than expected in the 4q22, coming in at 2.9% vs the 2.6% expectations, despite personal consumption falling to 2.1% vs the 2.9% forecast.
Last week, Foreigners SOLD USD 331mn worth of Turkish Stocks, but wee BUYERS of USD 2mn BONDS.
Speaking to the local BloombergHT channel, Turkish Banks Association chief Alpaslan Cakar expects banks to raise interest rates on state-backed FX-protected deposit accounts to around 15%-17%

NEWS FLOW:

The Energy Regulator stated yesterday that electricity prices would fall by around 12% starting in February.
ASUZU: Disclosed that it signed an agreement with EVM UK to distribute minibus and Midibus.
PETKM: Disclosed that it has taken a USD 300mn from JP Morgan as to finance its USD 500mn loan that expired in January, 2023.

AGENDA:

There are no major local macro news expected today, whereas all eyes today will be glued to the U.S. PCE Core Deflator figures, expected to come in at 0.3% m/m, as well as the Personal Income and Spending figures, and the University of Michigan consumer sentiment and pending home sales will be released today. ECB President Lagarde will also be speaking today.


Foreks Haber Merkezi ( [email protected] )
http://www.foreks.com
http://www.metalsmarket.net
https://www.montelnews.com/tr
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