By Omer Faruk Bingol Exclusively — On the Istanbul Stock Exchange, the BIST 100 index closed with a limited gain of 0.02% on May 30, reaching 10,481 points.
After breaching the key resistance level of 10,400 on May 24 and hitting a high of 11,088 last week, the index recorded a low of 10,413 in yesterday’s session.
The index then edged higher before reversing course following news that Turkey may be removed from the Financial Action Task Force’s (FATF) grey list. It was also notable that the index surpassed its 22-day average in yesterday’s trading.
Compared to the most recent closing price, the index is trading at a monthly premium of 4.34% and an annual premium of 40.30%.
Top rising and falling stocks
Among the companies included in the BIST 100 index in yesterday’s trading, BIOEN, SDTTR, TCELL, ASELS and DOAS were the biggest gainers, increasing by 6.64% to 3.38%.
Meanwhile, SOKM, GWIND, AHGAZ, ULKER and AKSEN were the stocks with the largest declines, falling by 7.69% to 3.55%.
In terms of capital inflows, TCELL, ASELS, and EREGL stood out, while THYAO, TUPRS, and YKBNK stood out as stocks with the largest capital outflows.
Ratings for bank stocks by two foreign institutions were released this week.
Rating by HSBC:
For Akbank: 70.00 ₺ (last close: 65.70 ₺)For Garanti BBVA: 120.00 ₺ (last close: 102.60 ₺)For Is Bankasi: 17.30 ₺ (last close: 15.88 ₺)For Yapi Kredi: 37.00 ₺ (last close: 34.22 ₺)
We have made a target price prediction. We can see that the closing price of the bank stock is close to the target price.
Goldman is more optimistic
A report released yesterday by Goldman Sachs said:
For Akbank: ₺86.00 For Garanti BBVA: ₺111.00 For Is Bankasi: ₺20.00 For Yapi Kredi: ₺42.50
Target price forecasts were made. Goldman’s forecast exceeded those of HSBC, except for Garanti Bank.
The forecasts from both foreign agencies include expectations that bank stocks will rise in value by 10% to 30% over the next 12 months, but the 72.00% increase in the BIST Banking Index since the beginning of the year is interpreted as indicating that expectations for bank stocks are largely priced in.
Focus on Index 10,400
While highlighting the importance of the 10,400 support level in the market, it is noted that if this support fails, the 10,300 level, which represents support at $322, may come into play. Long-term expectations are highlighted as positive, with particular emphasis on the gradual incorporation of BIST30 stocks into the portfolio, which have high trading volumes, good financial standing, bright prospects and high foreign interest.
