Market Watch (Şeker Yatırım)

Market Watch - Tuesday, October 8, 2024

Outlook:

The BIST100 Index started Monday on a positive trend, but closed the day at 9,031.64, down 0.85% due to rising selling pressure towards the closing. The Industrial Index decreased by 0.15% and the Banking Index decreased by 0.31%. The BIST100 is facing selling pressure near the 9,200 resistance. Mounting tension in the Middle East, macroeconomic data indicating a slowdown in growth, disinflation not yet starting, and the absence of a story pushing the BIST upwards in the short term limit its rises. As the short-term technical outlook and momentum are quite weak, we think that caution should be exercised in leveraged and credit transactions in the volatile market. On the global side, European stock markets were mixed and U.S. stock markets were negative. Since the soft landing and disinflation scenario continues, we believe that declines will remain limited unless risk in the Middle East spreads. The VIOP30 Index decreased by 0.06% in the evening session. This morning, Asian stock markets, except China, are negative, while the U.S. futures and German DAX futures are negative. News flow from the Middle East remains the focus of the markets. Locally, we expect the Benchmark Index to start Tuesday flat, and seek to rise later in the day if selling pressure is met. SUPPORT: 8,900 - 8,750 RESISTANCE: 9,200 - 9,450.
Money Market:
The Lira was negative yesterday, weakening 0.06% against the USD to close at 34.2676. The currency also depreciated by 0.13% against a basket of $0.50 and €0.50. Meanwhile, the local fixed income markets were negative. The ten-year benchmark bond was traded within a tight range of 29.87%-29.97%, ending the day at a high of 29.97%, 26 bps above its previous closing.
Company News:
Aksa Energy (AKSEN.TI;OP) has announced signing a loan agreement with Bayern LB (Bayerische Landesbank) for the dual fuel conversion project of the fuel power plant with an installed capacity of 370 MW in Tema/Ghana. The company added that the dual fuel conversion project for machinery at the power plant was ongoing, with plans for completion by1Q25. Upon completion, the annual EBITDA contribution from the Ghana Tema power plant is expected to increase by approximately 30% in 2025 compared to the previous year.
Arcelik's (ARCLK.TI; OP) new factory in Dhaka, Bangladesh, which will produce refrigerators, televisions, washing machines, air conditioners, and other home appliances, has commenced production.
The factory, which has been established with an investment of USD 78 million, covers a total area of 135,000 m², with an enclosed area of 77,000 m². Initially starting operations with refrigerators, the factory currently has an annual refrigerator capacity of 750,000 units. It is expected that, primarily selling to the domestic market, the factory will provide employment for up to 4,000 employees once operating at full capacity.

Bim (BIMAS.TI; OP) has announced that the necessary application will be made to the Capital Markets Board for the authorization of share buy-back transactions at Borsa İstanbul, since the price of the Company's shares traded on Borsa Istanbul does not reflect the real performance of Bim's activities on 07.10.2024. The maximum number of shares that may be subject to buy-back is determined as 2,000,000 (2,000,000 TL nominal). The share buy-back fund amount is determined as 1,000,000,000 TL maximum, to be covered by the Company's internal resources (Positive).
In the week of September 30 - October 4, 2024; naphtha prices rose by 8.7% while ethylene prices were down by 3.9%. Accordingly, the naphtha-ethylene spread decreased to USD 239 marking a 27% weekly decrease. While spread is not a direct measure of profitability for Petkim (PETKM.TI; OP) it can be considered an indicator.
September 2024 Foreign activity at Borsa Istanbul: In September 2024 foreign investors were net buyers of Turkish equities at Borsa Istanbul to the tune of USD 45,806. Among the top-five most bought stocks: Erdemir (EREGL.TI; OP) on USD 68.6mn, as followed by Pegasus (PGSUS.TI; OP), Turk Telekom (TTKOM.TI; OP), Koza Anadolu (KOZAA.TI; N/C) and Bim (BIMAS.TI; OP). Meanwhile, the top-five most sold stocks were: Turkiye Is Bankasi (ISCTR.TI; OP) on USD 86.7mn, being the most active, followed by Tupras (TUPRS.TI; OP), Akbank (AKBNK.TI; OP), Yapi Kredi (YKBNK.TI; OP) and Koc Holding (KCHOL.TI; OP).




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                               Yasal Uyarı
 
  Burada yer alan yatırım bilgi, yorum ve tavsiyeler yatırım danışmanlığı kapsamında değildir.Yatırım danışmanlığı hizmeti ; aracı kurumlar, portföy yönetim şirketleri, mevduat kabul etmeyen bankalar ile müşteri arasında imzalanacak yatırım danışmanlığı sözleşmesi çerçevesinde sunulmaktadır.Burada yer alan yorum ve tavsiyeler, yorum ve tavsiyede bulunanların kişisel görüşlerine dayanmaktadır.Bu görüşler mali durumunuz ile risk ve getiri tercihlerinize uygun olmayabılır.Bu nedenle, sadece burada yer alan bilgilere dayanılarak yatırım kararı verilmesi beklentilerinize uygun sonuçlar doğurmayabilir.