Market Watch (Şeker Yatırım)

Market Watch - Thursday, August 15, 2024

Outlook:

The BIST100 Index started Wednesday on a positive trend, continued its fluctuating course throughout the day with sales, and closed the day at 9,830.94, down 0.90%. The Industrial Index lost 0.64% and the Banking Index fell 0.83%. Major global stock markets have significantly regained their losses recorded last week. Yet, the lack of a supporting story for the BIST, and our proximity to zones of high geopolitical tension, are pressuring the local bourse. Since the lack of expectations continues in the short term, we expect fluctuation at the BIST to persist. However, if the recovery in the Banking Index strengthens, a wider recovery may also be seen in the BIST. Global markets followed the US CPI data yesterday. The data, like the PPI data, printed slightly below expectations, increasing optimism about interest rate cuts. Yesterday, the U.S. and European stock markets closed with increases. This morning, the U.S. futures, German DAX futures and Asian stock markets are trading positively. We expect global markets to remain balanced unless incoming data increases recession concerns. On the domestic macroeconomic data agenda, Central Government Budget data for July will be announced today. The VIOP30 Index completed the evening session down 0.31%. Locally, we expect the Benchmark Index to start Thursday with reactionary purchases, and to continue its fluctuating course thereafter. SUPPORT: 9,750 - 9,600 RESISTANCE: 10,000 - 10,250.
Money Market:
The Lira was negative yesterday, weakening 0.19% against the USD to close at 33.6180. The currency also depreciated by 0.53% against a basket of $0.50 and €0.50. Meanwhile, the local fixed income markets were negative. The ten-year benchmark bond yield fluctuated between a range of 28.63%-28.73%, closing the day at 28.72%, up 9 bps from the previous close.
Company News:
Aselsan (ASELS.TI; OP) has signed an agreement with Anadolu Deniz İnşaat Kızakları Sanayi regarding a Landing Ship for EUR 32mn (~ USD 35.2mn). Deliveries will be made in the years 2025-2026. The latest contract represents ~0.3% of the company's total backlog (Positive).
Erdemir (EREGL.TI; OP) is set to announce its 2Q24 financials today after the market close. We anticipate quarterly net profit of TRY 2,538mn while the market average expectation is for a TRY 2,907mn. We expect 2Q24 net sales revenues and EBITDA to reach TRY 49,224mn and TRY 6,087mn, respectively. The market's respective quarterly net sales and EBITDA average expectations are TRY 51,976mn and TRY 6,450mn.
Kardemir (KRDMD.TI; OP) has won tenders for mining sites located in the provinces of Balikesir, Kirikkale, Kutahya and Sivas, announced by the General Directorate of Mining and Petroleum Affairs (MAPEG), with a total bid of TRY 15,270,000 - 15,500,000.




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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.