Market Watch Thursday, April 22, 2021 www.sekeryatirim.com.tr Agenda

19 M onday 20 Tuesday 21 Wednesday 22 Thursday 23 Friday  Treasury auction  Treasury auction  U.S., jobless claims  BIST will be closed.  Japan, BoJ rate deci-  Germany, March  U.S., March existing home sales  Germany, April Markit mfg. & non-mfg. PMI sion PPI  ECB, rate decision  Eurozone, April Markit mfg. & non-mfg. PMI

 U.S., April Markit mfg. &

non-mfg. PMI

 U.S., March new home

sales

Outlook: Major global stock markets recovered part of their losses amid volatile trading on Wednesday, after having reacted to the resurgence of COVID- 19 cases earlier. Having started the day somewhat negatively, the BIST100 declined 2.55% to close at 1,330.48. Meanwhile, the banking Volume (mn TRY) BIST 100 sector index lost 1.41%. The rather sharp decline of the benchmark index, which saw levels below 1,309 within the day, was attributable to the con- 24.000 tinuing depreciation of the TRY that diverged negatively from its EM peers 25.857 1.600 yesterday, the weakening of local investor appetite, closing of leveraged 20.000 positions, and algorithm-based trading. However, ’s CDS premium 1.500 16.000 17.062 was at c.410bps by the end of the trading day, not complying with the 15.794 1.400 negative pricing at the BIST and other TRY-based assets. The country’s 12.000 1.408 15.571 CDS premium remaining at around these levels may suggest that the 1.408 15.470 1.300 8.000 1.377 recent negative pricing could be short-lived and be replaced by reactionary 1.365 1.330 1.200 buying, and that the BIST may maintain its reactionary uptrend, as long as 4.000 global risk appetite remains buoyant. We believe we have to observe a 0 1.100 recovery in the TRY and a decline in Government bond yields for a reac- 15-Apr 16-Apr 19-Apr 20-Apr 21-Apr tionary upturn to gain traction. That said, as concerns over geopolitical risks and political relations with the US have increased, the BIST may Indices (TRY) Previous Last Chg. YTD continue to see selling pressure in the near term. The BIST100 index BIST 100 1.365 1.330 -2,55% -9,90% closed below its 200 daily exponential moving average level of 1,345 yes- BIST 30 1.423 1.397 -1,80% -14,60% terday; the benchmark index recording closings below this level would be an important indicator of the end of its recent upturn and the beginning of a BIST-Financial 1.281 1.243 -2,98% -20,59% downturn. The US and German futures and the Asian markets have BIST-Industrial 2.525 2.436 -3,55% 4,09% been advancing today. We expect the BIST to open with reactionary buy- BIST-Services 1.091 1.068 -2,18% -10,48% ing and expect it to continue during the day. SUPPORT: 1.320 - 1.305 RESISTANCE: 1.345 - 1.359 Advances Declines Most Active Stocks (%) Stocks (%) Stocks Vol (TR) FENER 10,00 BJKAS -10,00 EREGL 1.358.933.463 Money Market: UTPYA 10,00 INTEM -10,00 GARAN 1.187.510.387 The Lira was negative yesterday, weakening 0.99% against the USD to ARTI 10,00 DARDL -10,00 PETKM 1.157.193.754 close at 8.1909. Additionally, the currency depreciated by 1.03% against ATSYH 10,00 UFUK -10,00 KRDMD 661.916.799 the basket composed of $0.50 and €0.50. Meanwhile, the local fixed in- SEKUR 9,99 SRVGY -10,00 THYAO 587.196.749 come markets were negative. The ten-year benchmark bond was traded within a range of 18.27%-18.46%, ending at the 18.40%, 17 bps above its previous close. Money Market Previous Last Pr. Mn YTD O/N Repo (%) 19,10 19,10 17,00 18,49 Sector News: Bond (Benchmark, %) 17,91 17,94 16,38 14,96 *** According to daily Hurriyet, a new support loan package may be intro- Currency Previous Last Chg. YTD duced through the Credit Guarantee Fund for businesses in distress US$ 8,1897 8,1990 0,11% 10,21% amounting to TRY100K per borrower. Euro 9,8757 9,8684 -0,07% 8,06% Euro/Dolar 1,2059 1,20359 -0,19% -1,66% *** The Banks Association of Turkey has named Mr. Alpaslan Cakar (CEO of Ziraatbank) as the chairman and Mr. Abdi Serdar Ustunsalih (CEO of VakifBank) as deputy chairman. Commodity Previous Last Chg. YTD Oil (Brent spot, $) 65,8 64,5 -1,96% 25,07% Company News: Oil (NYMEX future, $) 61,4 61,1 -0,49% 26,08% Gold (Ounce, $) 1.793,8 1.794,6 0,05% -5,47% (THYAO. TI; MP), (PGSUS.TI; MP), Silver (XAG, $) 26,5 26,5 -0,04% 0,46% TAV Airports Holding (TAVHL.TI; MP) Turkey is to resume flights from the United Kingdom and Denmark, Turkish Airlines CEO Bilal Eksi said on twitter on Wednesday. Turkey had temporarily suspended flights Şeker Funds Previous Last* Chg. YTD from the two countries in December due to the new strains of the corona- Fiba Portfoy Şekerbank Money 2,015611 2,016586 0,05% 5,07% virus. The resumption of flights is likely to help support the performance of Fiba Portfoy Şekerbank Short T. 0,023496 0,023507 0,05% 4,82% the Turkish aviation stocks. * Prices as of 22-Apr-21

Market Watch Thursday, April 22, 2021 www.sekeryatirim.com.tr

Vakifbank (VAKBN.TI; MP) has bought back 3.5mn of its own D group World Indices shares within the TRY3.34-3.35 price range as part of its up to 100mn (or America Previous Last Chg. YTD up to TRY500mn) share buyback programme. Bank’s total buyback has Dow Jones (US) 33.821 34.137 0,93% 11,54% thus far reached 17.5mn shares (0.45% of its paid-in capital) (Neutral). Nasdaq (US) 13.786 13.950 1,19% 8,24% S&P 500 (US) 4.135 4.173 0,93% 11,11% Europe Previous Last Chg. YTD Dax (Germany) 15.130 15.196 0,44% 10,77% FTSE 100 (UK) 6.860 6.895 0,52% 6,73% CAC 40 (France) 6.165 6.211 0,74% 11,87% PSI20 (Portugal) 4.948 4.953 0,11% 1,12% RTSI (Rusia) 1.455 1.464 0,60% 5,53% Asia Previous Last Chg. YTD Nikkei (Japan) 29.100 28.509 -2,03% 3,88% Hang Seng (Hong Kong) 29.136 28.622 -1,76% 5,11% Shanghai Comp. (China) 3.473 3.473 0,00% 0,00% KOSPI (South Korea) 3.221 3.172 -1,52% 10,38% Sensex (India) 47.706 47.706 0,00% -0,34% Turkdex (Set. Price) Previous Last Chg. YTD INX30 (April 21) 1.428 1.399 -2,03% -15,65% USD (April 21) 8,1520 8,215 0,77% 8,33% EURO (April 21) 9,8179 9,868 0,51% 5,71% GOLD (April 21) 465,62 473,59 1,71% 1,59% Portfolio Inclusion Inclusion Last Chg. BIST Recommend. Date Price Close (%) Relative Tofas 06/09/19 18,98 28,66 51,0% 12,3% Şişecam 18/01/21 7,82 7,13 -8,8% 4,5% 18/01/21 15,19 17,84 17,4% 34,6% 18/01/21 6,91 4,88 -29,4% -19,1% Arcelik 07/12/20 27,98 30,36 8,5% 8,5% 08/03/21 39,28 34,68 -11,7% 2,3% 01/11/18 11,93 14,67 23,0% -14,6% Garanti Bank 17/01/19 9,25 6,96 -24,8% -19,3% Portfolio Yield (yoy) 57,6% 16,3% Portfolio Yield (mom) 4,8% 8,5%

This document has been prepared by the Equity Research Department of Şeker Invest. The information and data used in this re- port have been obtained from public sources that are thought to be reliable and complete. However, Şeker Invest does not accept responsibility for any errors and omissions. This document should not be construed as a solicitation to buy or sell securities he- rein. This document is to be distributed to qualified emerging market investors only.

Şeker Yatırım Menkul Degerler A.S. - Buyukdere Cad. No:171 Metrocity A Blok Kat 4-5 SISLI / Tel: (+90) 212 334 33 33 Pbx, Fax: (+90) 212 334 33 34, [email protected]