Market Watch (Şeker Yatırım)

Outlook:
The BIST100 Index started Tuesday with fluctuating course, closing the day at 10,173.42, up 1.17%. While the Industrial Index rose 0.71% the Banking Index diverged positively, up 2.47%. The expectation of continued foreign interest in the BIST, led by banks, was effective in yesterday's rise. We expect the direction of banking stocks to continue guiding the overall Index in the short term. However, since there are no significant short-term expectations the volatile and weak course may continue for a while. On the other hand, we maintain our view that pullbacks will prompt buying, whereby the rise will continue in the medium term; this is also dependent upon the expectation of sustained rational policies. On the global front, although yesterday's U.S. PPI data was above expectations, risk appetite remained strong. While the U.S. and European Stock Markets were trading positively yesterday, this morning the U.S. futures and German DAX futures were trading with buyers and Asian stock markets were mixed. We think that global risk appetite will continue to find direction from incoming data and balance sheets. Today, U.S. CPI data will be followed abroad and central budget data will be followed domestically. The VIOP30 Index completed the evening session flat. Locally, we expect the Benchmark Index to start Wednesday positively and seek to continue its uptrend if it meets intraday profit sales. SUPPORT: 10,000 - 9,850 RESISTANCE: 10,300 - 10,400.
Money Market:
The Lira was negative yesterday, weakening 0.18% against the USD to close at 32.2672. The currency also depreciated by 0.25% 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 27.20%-27.34%, closing the day at 27.24%, down 19 bps from the previous close.
Headlines:
Locally, Central Government Budget data for April will be released today. Although the election period brought about a deterioration in the budget, we continue to expect a limited recovery in April led by corporate tax. It is inevitable that we will see tighter fiscal policy starting from the second half of the year with austerity measures in the public sector. Our detailed analysis will be published during the day.
Company News:
The international credit agency S&P upgraded the credit rating of Turkish Airlines (THYAO.TI; OP) to B+ from B. The outlook is affirmed as 'Positive.' S&P has also upgraded the rating on its USD-denominated Enhanced Equipment Trust Certificates (EETC) issued in 2015 by four notches to BB+ from B (Positive).
Pegasus (PGSUS.TI; OP) has released its monthly traffic figures for April 2024. The carrier’s total PAX rose 22% YoY to 2.92mn (April 2023: 2.39mn, March 2024: 2.72mn) for the month. Domestic PAX rose 37% YoY to 1.13mn (April 2023: 0.83mn, March 2024: 1.01mn). International PAX improved 14% YoY to 1.79mn for the month (April 2023: 1.56mn, March 2024: 1.71mn). The total load factor was up 7.8 pp YoY to 88.3% (April 2023: 80.5%, March 2024: 87.5%). The domestic load factor rose a solid 8.5 pp YoY to 91.4% (April 2023: 82.9%, March 2024: 90.7%), while the international load factor rose 7.1 pp YoY to 86.4% (April 2023: 79.3%, March 2024: 85.7%). Thus, the Company's int’l PAX in April 2024 reached approximately 61.2% (March 2024: 62.9%, April 2023: 65.3%) of the total number of passengers. Total ASK rose 9% YoY to 5.15bn in April 2024. The continued strength of the PAX growth trend in domestic and international flights and the solid growth in domestic and international LF indicate the continuation of Pegasus' positive operational trend. In the 4M24 period, total load factor was up 4.2 p.p. to 87.5% (4M23: 83.3%, 4M22: 79.7%, 4M19: 88.1%). We think that the outlook based upon the data, which is consistent with the Company's expectation of an increase in LF for 2024, is positive. We believe that the announced traffic results may have a positive impact on the short-term performance of 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.