Market Watch (Şeker Yatırım)

Market Watch - Wednesday, October 9, 2024

Outlook:

The BIST100 Index started Tuesday flat, fluctuated between 8,978-9,153 and closed at 9,044.89, up 0.15%. The Industrial Index lost 0.63% and the Banking Index gained 0.62%. The volatile weak outlook for the BIST continues. Weakening 3rd quarter profit expectations in line with macroeconomic balancing and interest rate cut expectations postponed after the latest inflation data cause the BIST to remain without a short-term story, curbing momentum. Meanwhile, mounting risk in the Middle East limits global and domestic risk appetite. The BIST is likely to see a continued weak, fluctuating course in the short term. On the global front, while the U.S. stock markets rose again yesterday, European indices closed with a decline. Since the scenario of a soft landing and a decline in inflation continues, we expect losses to remain limited unless Middle East risk spreads. Therefore, news flow from the Middle East remains the market focus. The VIOP30 Index rose by 0.13% in the evening session. This morning, Asian stock markets are mixed and the U.S. futures and German DAX futures are negative. Locally, we expect the Benchmark Index to start Wednesday flat and then attempt to rise if profit sales are encountered. SUPPORT: 8,900 - 8,750 RESISTANCE: 9,200 - 9,450.
Money Market:
The Lira was positive yesterday, gaining 0.02% against the USD to close at 34.2619. The currency also appreciated by 0.05% against a basket of $0.50 and €0.50. Meanwhile, the local fixed income markets were positive. The ten-year benchmark bond yield fluctuated between a range of 29.45%-29.81%, closing the day at 29.55%, down 42 bps from the previous close.
Company News:
Sisecam (SISE.TI; OP) has restructured its inactive subsidiary in Ukraine, and after transferring the land and real estate of LLC Brewery Pivdenna in Odessa to Pivdenna BV, the entirety of Pivdenna BV was transferred to Alsutrans Cargo 047 Nakliyat Dış Ticaret Ltd., located in Turkey. It was announced that the sale to Alsutrans Cargo 047 Nakliyat Dış Ticaret Ltd. Şti. was completed on 7.10.2024.
TAV Airports Holding (TAVHL.TI; MP) has released its traffic figures for September 2024. TAV Airports' PAX numbers continue to grow at a healthy pace, also attributable to the Group's traffic figures, including Almaty Airport. Hence, owing mainly to these two factors, total PAX grew by 5.2% to 11.26mn in September 2024, following 6.3% YoY growth in August 2024. September domestic PAX rose by 0.9% YoY, while int'l PAX (including Almaty) rose by 6.8% YoY. Total PAX grew by 11.7% to 83.1mn in 9M24. In 9M24 domestic PAX rose by 12.8% YoY, while int'l PAX (including Almaty) rose by 9.7% YoY. We reckon that the data announcement may have a slightly positive impact on the Group's near-term share performance.

Turkish Airlines (THYAO.TI; OP) has released its traffic figures for September 2024 with a PAX decline of 3.4% YoY. The fall was mainly due to a decreased domestic passenger number when compared to September 2023. THY's total PAX in September 2024 was at 7.68mn. Meanwhile, in September 2024, the share of international PAX in total PAX was 65.2%. The total load factor was down, at 83.8% in September 2024. The carrier's international PAX declined by 0.6% YoY to 5.00mn in September 2024; domestic PAX declined by 8.1% YoY to 2.68mn in September 2024. THY's cargo operations volume was positive, up 11.9% YoY in September 2024. The Company's announced September 2024 traffic data indicates lower domestic passenger figures. Yet, the solid cargo operations' volume effect in September 2024 supports its operations (Slightly Negative).



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  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.