Biweekly portfolio

Since the previous issue, our equity portfolio outperformed the market (which was almost flat in the same period) by 1.8%. The Eurozone debt saga and the Merkozy meeting next Monday, the Turkish November IP, CA and December BoP data releases are the major items on the agenda until the next issue. We expect a sideways-negative market due to the lack of positive news and pressure on the TL. We maintain our short position with ISE30 February futures.

Koza Altin (KOZAL, TL25.20, Buy) is a newcomer since the stock is likely to benefit from the expected rebound in gold prices and a further weakening of TL against the US$. Tat Konserve (TATKS, TL1.84, Market performer) is also now part of our portfolio after its exaggerated underperformance and food-related defensive characteristics. This issue’s next addition is TAV Airports (TAVHL, TL8.00, Buy) attributable to impressive passenger data. The last addition is Turkcell (TCELL, TL8.92, Market performer) due to the expected announcement of an EGM which may pave the way for long-awaited dividend distribution.

Aksa Akrilik (AKSA, TL4.47, Buy) is removed from our portfolio after its recent c9% relative outperformance due to the announcement of Aksa and Dow Chemical joining forces for carbon fibre production. Similarly, despite their strong long term prospects Arcelik (ARCLK, TL6.52, Buy) and Tofas (TOASO, TL6.12, Buy) are removed after their respective outperformances of 12% and 6%. We maintain our other positions.

Global securities