Market Watch Thursday, December 10, 2020 www.sekeryatirim.com.tr Agenda

07 Monday 08 Tuesday 09 Wednesday 10 Thursday 11 Friday  Germany, October  Japan, 3Q20 GDP Growth   Turkstat, labour statis-  CBRT, Balance of pay- industrial produc- tics ments tion  Germany, December ZEW Index  ECB, rate decision  Germany, November CPI

 Eurozone, 3Q20 GDP Growth  U.S., November CPI  U.S., November PPI

 U.S., jobless claims  U.S., December Michigan Consumer sentiment  U.S., November Federal

Treasury Budget

Outlook Major global stock markets advanced on Wednesday after US Treasury Secretary Mnuchin made a US$916bn stimulus proposal, although the US markets closed lower with some profit taking towards the end of the day. Having started the day positively, the BIST100 rose 0.78% to close at Volume (mn TRY) BIST 100 1,350.32 with the lead of the banking sector stocks. The banking sector 1.330 1.350 index advanced 2.55% midweek, diverging positively for the first time in 1.331 1.331 1.340 December. The draft statement of the EU leaders’ summit read that there 1.400 48.000 would be tougher notices, but no new sanctions for Turkey. This was per- 1.300 ceived positively, and with the removal of a major risk for the performance 40.000 of TRY-based assets, the BIST has tested new record highs with the lead 32.000 36.942 1.200 of the banking sector stocks, and has diverged positively. Meanwhile, the 24.000 32.071 TRY remained flat against major currencies yesterday. Non-resident inter- 29.586 28.435 1.100 16.000 24.453 est, which had increased significantly in November, has continued in De- 1.000 cember, though with lower growth momentum. Hence, as long as global 8.000 risk appetite and non-resident interest continues, possible profit taking at 0 900 the BIST is expected to remain limited, and the bourse is expected to 3-Dec 4-Dec 7-Dec 8-Dec 9-Dec maintain its uptrend. While the near-term risk of new EU sanctions has abated, the risk of the US applying sanctions under CAATSA against Tur- Indices (TRY) Previous Last Chg. YTD key’s acquisition of the S-400 defense system continues. The bill will final- BIST 100 1.340 1.350 0,78% 18,01% ly be sent to President Trump upon Senate approval, where he will official- BIST 30 1.481 1.495 0,96% 7,71% ly have the right to veto. Investors will today follow labor statistics to be released by TurkStat, and from abroad will focus on the ECB’s policy deci- BIST-Financial 1.424 1.448 1,72% 7,17% sion, November CPI, jobless claims and November Federal Treasury BIST-Industrial 2.126 2.129 0,14% 52,97% Budget figures from the US. Global stock markets may maintain their posi- BIST-Services 1.124 1.123 -0,14% 28,59% tive course on hopes of the new stimulus package in the US. The US and German futures and Asian markets have been declining today. We expect Advances Declines Most Active the BIST to also open rather negatively; we may observe some profit tak- Stocks (%) Stocks (%) Stocks Vol (TR) ing today with the lead of the banking sector stocks, following their strong ISKUR 18,04 ISATR -18,98 GARAN 4.512.662.924 performance yesterday. However, such profit takings are likely to provide AKFGY 10,00 POLTK -10,00 EREGL 2.917.679.978 new buying opportunities, and the BIST is likely to maintain its uptrend, we CASA 10,00 ROYAL -9,90 PETKM 2.396.619.747 believe. SUPPORT: 1,344– 1,332 RESISTANCE: 1,361 – 1,375. SNPAM 9,99 SAFKR -9,89 SELEC 2.170.624.537 BERA 9,98 SNKRN -9,88 DOHOL 2.107.531.951 Money Market: Money Market Previous Last Pr. Mn YTD The Lira was negative yesterday, weakening 0.21% against the USD to close at 7.8225. Additionally, the currency depreciated by 0.09% against O/N Repo (%) 13,55 13,55 14,56 11,08 the basket composed of $0.50 and €0.50. Meanwhile, the local fixed in- Bond (Benchmark, %) 14,92 14,84 14,92 11,78 come markets were negative. The ten-year benchmark bond was traded within a tight range of 13.31%-13.34%, ending the day at a low of 13.31%, Currency Previous Last Chg. YTD 14 bps above its previous close. US$ 7,8250 7,8297 0,06% 31,59% Euro 9,454226 9,46912 0,16% 41,88% Company News: Euro/Dolar 1,2082 1,2094 0,10% 7,82%

Turk Telekom (TTKOM.TI; OP) has shared the Company's plan to issue Commodity Previous Last Chg. YTD a 402-day bond with floating rate 3-month coupon payments for domestic Oil (Brent spot, $) 48,9 48,9 -0,01% -26,70% qualified investors only. The book-building process for an initial size of a Oil (NYMEX future, $) 45,5 45,8 0,53% -25,20% nominal TRY 100mn will start on 10.12.2020. The settlement will take place on 14.12.2020. The amount may be increased in line with investor Gold (Ounce, $) 1.838,2 1.839,4 0,06% 20,34% demand (Neutral). Silver (XAG, $) 23,9 24,0 0,24% 32,96% Kardemir (KRDMD.TI; MP) Yolbulanlar Nakliyat, a company chaired by Şeker Funds Previous Last* Chg. YTD Yolbulan family, which has a BoD member in Kardemir, has shared selling Fiba Portfoy Şekerbank Money 1,898868 1,899574 0,04% 9,37% 1,250k TL nominal worth of Group D shares of Kardemir within a price Fiba Portfoy Şekerbank Short T. 0,022234 0,022241 0,03% 8,52% range of TRY 5.31 – TRY 5.34 per share (c.0.11% of the Company’s share capital, c.0.91% of its LTM average daily trading volume) on >>> * Prices as of 10-Dec-20

Market Watch Thursday, December 10, 2020 www.sekeryatirim.com.tr

>>> December 8, 2020. Following this transaction, Yolbulanlar Nakliyat’s World Indices stake in Kardemir declined to 1.42%. As a result, the total Yolbulan stake, America Previous Last Chg. YTD together with other Yolbulan family members’ and Yolbulan family group Dow Jones (US) 30.174 30.069 -0,35% 5,36% companies' has declined to 5.31%. Possible high volume stake sales may Nasdaq (US) 12.583 12.339 -1,94% 37,52% create temporary negative sentiment around Kardemir shares in the near S&P 500 (US) 3.702 3.673 -0,79% 13,68% term. Europe Previous Last Chg. YTD Dax (Germany) 13.278 13.340 0,47% 0,69% BIM Birlesik Magazalar A.S. (BIMAS.TI; OP) has announced entering FTSE 100 (UK) 6.559 6.564 0,08% -12,97% into a share sale and purchase agreement with Blue Investment Holding, a CAC 40 (France) 5.561 5.547 -0,25% -7,21% special purpose vehicle established by the funds advised by Helios Invest- PSI20 (Portugal) 4.759 4.774 0,32% -8,44% ment Partners LLP, a leading private equity fund manager operating in the RTSI (Rusia) 1.365 1.372 0,57% -11,39% Africa region. This concerns the sale of shares representing 35% of the Asia Previous Last Chg. YTD share capital of BİM Stores SARLAU (BIM Morocco). The total sales value is USD 70mn + closing adjustments (estimated to be between USD 7mn Nikkei (Japan) 26.467 26.818 1,33% 12,50% and USD 12mn) and the Company is expected to obtain TRY 455mn net Hang Seng (Hong Kong) 26.305 26.503 0,75% -5,98% profit post transaction for the IFRS records. The sale is expected to be Shanghai Comp. (China) 3.410 3.372 -1,12% 10,55% completed following the satisfaction of certain conditions precedent includ- KOSPI (South Korea) 2.701 2.755 2,02% 25,38% ing, but not limited to, the approval of the Conseil de la Concurrence, the Sensex (India) 45.609 45.782 0,38% 10,84% competition authority of the Kingdom of Morocco. With the proposed sale, Turkdex (Set. Price) Previous Last Chg. YTD the Company aims to maintain and develop BİM Stores SARLAU's current INX30 (December 20) 1.486 1.501 0,99% 7,89% growth trend in the Kingdom of Morocco and achieve localization in that USD (December 20) 7,8928 7,872 -0,26% 32,40% region with investors specialized in the Africa region to create further value. EURO (December 20) 9,5832 9,531 -0,54% 42,94% Arcelik (ARCLK.TI; OP)’s BoD has approved the issuing of bonds or bills GOLD (December 20) 475,01 467,37 -1,61% 60,54% for a total of up to TRY 1.5bn in Turkish Liras within a year, with various Portfolio Inclusion Inclusion Last Chg. BIST compositions and terms, at once, or at multiple times, to be determined by Recommend. Date Price Close (%) Relative market conditions, sold to domestic qualified investors without public offer- Tofas 06/09/19 18,98 30,62 61,3% 18,3% ing, and traded in the relevant market of Borsa İstanbul. The BoD has au- Coca-Cola İçecek 10/11/20 53,55 61,85 15,5% 6,3% thorized the Company's GM and AGM to submit the necessary applications Turk Telekom 11/05/20 6,88 7,91 15,0% -16,7% for approval of the issuance certificate, and related procedures (Neutral). Isbank 07/10/20 5,26 6,55 24,5% 6,4% Arcelik 07/12/20 27,98 29,88 6,8% 5,2% Turkcell 01/11/18 11,93 15,44 29,4% -11,5% Garanti Bank 17/01/19 9,25 9,28 0,3% 7,6% Portfolio Yield (yoy) 39,4% 11,5% Portfolio Yield (mom) 15,6% 6,4%

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 /ISTANBUL Tel: (+90) 212 334 33 33 Pbx, Fax: (+90) 212 334 33 34, [email protected]