Market Watch (Şeker Yatırım)

Market Watch - Thursday, October 10, 2024

Outlook:

The BIST 100 Index day started Wednesday flat, facing selling pressure at the opening. The Benchmark Index closed the day at 9,132.30, up 0.97%, supported by late-session purchases. The Industrial Index rose by 0.63%, while the Banking Index gained 1.28%. As expectations of weaker 3Q earnings and delayed interest rate cut expectations following the latest inflation data persist, we believe that the BIST's volatile trend will continue, and that upward movements may remain limited. Geopolitical risk-related news flow will continue to affect the BIST. Globally, the U.S. and European stock markets closed with gains yesterday. The VIOP30 Index posted a 0.01% rise in the evening session. This morning, Asian markets are positive, the U.S. futures are mixed, and the German DAX futures are trading negatively. News from the Middle East and macroeconomic data will remain in focus for the markets. Global markets will be closely watching the U.S. September CPI inflation data today amid expectations of the figure falling from 2.5% to 2.3%. Domestically, August industrial production data will be announced today, with market expectations pointing to an annual contraction of around 2%. We expect a 2.15% production contraction. Locally, we expect the Benchmark Index to start Thursday with reaction purchases. And if any profit-taking is absorbed, it should continue its efforts to rise. SUPPORT: 8,900 - 8,750 RESISTANCE: 9,200 - 9,450.
Money Market:
The Lira was positive yesterday, gaining 0.11% against the USD to close at 34.2254. The currency also appreciated by 0.19% 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 29.11%-29.55%, closing the day at 29.13%, down 42 bps from the previous close.
Headlines:
Industrial production data for August will be released in Turkey today. While the market expectation is for a contraction in production of 2% YoY, as Seker Invest, we expect a contraction of 2.15%. Our detailed analysis will be published during the day.
Company News:
TSKB (TSKB.TI; OP) has completed the book building for its Eurobond issuance for USD350mn with a maturity of 5 years. The yield was 7.125%. As you may remember, the yield and coupon rate were 6.95% and 6.875% for Vakifbank (VAKBN.TI; MP) latest issue with a 5.25 years maturity.
Within the scope of the share buy-back program, Turkish Airlines (THYAO.TI; OP) bought back shares with a TL 331,000 nominal value on Oct 03, 2024 at a price of TL 266.0 per share on Borsa Istanbul. Post transaction, the total nominal value of repurchased shares has reached TL 5,241,044 which represents 0.379786% of the Incorporation's capital. We believe that the share repurchase made within the scope of the program will be supportive and positively impact the Company's shares (Positive).




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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.