STRATEGY
· Main agenda of Turkey today is the expected snow storm
in Trakya and Marmara regions – Turkish Airlines cancelled 142 flights out of
Ataturk and Sabiha Gokcen airports scheduled for today and tomorrow.
· Prime Minister
Davuoglu will meet CHP leader Kilicdaroglu to discuss the articles of the New
Constitution and 2016 budget today. These are scheduled talks with every
political party leader represented in the Parliament except pro-Kurdish party.
Press conferences after the meeting today will be closely followed – expectations
for something concrete from today’s meeting are extremely low since CHP
leader Kilicdaroglu has repeatedly stated that his party is against any form of
Executive Presidency.
· BIST100 lost 0.4% USD in sluggish trade yesterday
despite Sabanci Holding (SAHOL) share repurchase announcement --- SAHOL holds
the 6th largest weight in BIST100 at 4.9% and rallied 1.8% USD yesterday.
Manufacturing index was the main reason for the weakness in BIST with 0.9% USD
sell-off. Both EM and EM EMEA were flat yesterday.
· BIST100 is trading below 50-100-200 dma in both TRY
and USD basis: ‘’SELL’’ formation continues. 22-dma for both TRY and USD are
short-term support.
- On TRY basis; 22-dma = 73.6k; last night close =
73.9k
- On USD basis; 22-dma = $25.2k; last night close
= $25.4k
BANKING SECTOR
· BRSA NOV DATA > TK banking sector posts TRY2,677m net profit in Nov ‘15 => +8% m-m & +45% y-y on the back of higher contribution of CPI
linkers and lower
specific provisions. Mthly RoE @ 12.5%, up from 11.82% in Oct ‘15.
The Nov print brings the cumulative NI growth to 5.6% from 2.2% in Oct. With
the Nov figure, the avg mthly income so far in 4Q15 is 46% higher than 3Q15
mthly avg.
COMPANY NEWS
·
ASYAB (N/R) > Bank Asya announced it was fined
TRY14.9m by the tax authority related to corporate tax of 2010, 2011 and
2012.
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