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The Operator
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I am an ex-hedge fund manager and analyst. I have extensive experience in global macro investing with a focus on Turkey. Follow me on and @TheOperator1
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  • Turkish Markets while you were asleep (09/13/2011)
    The first session saw the index up 0.5%. However, the market is still struggling to cross the 57,000 level which continues to pose a strong level of resistence, despite the phenomenal GDP numbers that came in yesterday.  Turkcell (NYSE:TKC), is the top performing large cap, up 3.4%, following the news that the extraordinary general meeting will be held on the 12th. The market is closely watching the deadlock between the foreign shareholders (Telenor) and the local holding company (Cukurova) on the shareholder dispute on ownership issues. 

    This morning saw the industrial turnover and new order indices numbers come out, showing a decline of 2.8% vs the 4.8% growth in prior period. Orders also contracted m-o-m by 5.6%. 

    Construction sector, seen as the dynamo of the economy, saw increases across the board. Employment in the sector increased by 4.6% while wages increased by 14.9% year over year. 

    JPM was on the wire saying that Turkish stocks were not as cheap as perceived. They recommmend banking sector stocks (TKGBY.PK, THBIF.PK, TKYVY.PK) , which make up nearly 50% of the national index
    Sep 13 4:59 AM | Link | Comment!
  • Turkish Markets while you were asleep (09/12/2011)
    The first session saw the index down 1.25%. Sales were across the board with no sub-index printing a positive number during the first half of the day. The Turkish market has not been able to sustain a positive divergence from the World and especially European  markets that continue to loose ground in the current crisis.

    Several important data prints have come out. First in the morning was the CNBC-E Consumption index which printed a 2.4% decling m-o-m in August.

    Meanwhile the GDP numbers came in at an extremely strong 8.8%, blowing through the median analyst expectation at 6.8%. However, this did not have an impact on the course of the markets, which still opened in negative territory. While the equity markets shrugged the news, the yield of benchmark 2yr rate rose by 7bps to 7.89% and the TL pared some of the earlier losses suffered in the day. 
    Sep 12 5:32 AM | Link | Comment!
  • Turkish Markets while you were asleep (09/09/2011)
    The national index printed a slight loss of 0.24% in the first session. Two notable movers were Petrol Ofisi (up 9.3% - no big news apart from strong LPG sales nationwide) and Turkcell (NYSE:TKC), which continues its positive momentum.


    Industrial production up +6.9 in July yoy vs expectations of 4.6%. This shows an acceleration vs 6.8% last month. The fastest growing component was once again capital goods, (up 34.6%) , while nondurables printed a 1.8% decline.


    Turkish Airlines (OTCPK:TKHVY), is expecting delivery of 10 Boeing 737-900 planes and expects to increase flights to Africa (this comes amidst losses of 221mn of losses in Q2). The stock was up nearly 2% in the first session

    Sep 09 5:58 AM | Link | Comment!
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