Market Watch (Şeker Yatırım)

Market Watch - Thursday, August 17, 2023
Outlook:
The BIST100 Index started Wednesday on a negative trend, fluctuated throughout the day and closed at 7,662.26, down 0.37%. While the Banking Index shed 1.71% the Industrial Index diverged positively, up 0.81%. Since the balance sheet period is approaching its end, and the BIST-100 has seen a sharp rise of nearly 70% without any significant corrections since the election, we consider it healthy to experience periodic profit realizations. However, factors such as gradual normalization, the continuation of the negative real interest rate policy and strong foreign inflows continue to support the BIST. We expect the rising trend of the BIST100 to be maintained with sharp pullbacks presenting buying opportunities for the medium term. In major global stock markets pressure on risk appetite continues. It was noteworthy that certain Fed members were in favor of interest rate hikes in the minutes of the latest FOMC meeting published yesterday. Meanwhile, U.S. futures, German DAX futures, and Asian Stock Markets, except for the Dow Jones, are bearish this morning after a Chinese company commenced debt restructuring. The VIX index trading at 16 indicates that selling pressure and volatility in the U.S. Stock Markets have increased. If the VIX rises above 20 selling pressure may deepen. The VIOP30 Index closed the evening session down 0.25%. Locally, we expect the Benchmark Index to start Thursday rather negatively with the fluctuating weak course likely to continue amid alternate rises and profit-taking opportunities. SUPPORT: 7,630 - 7,550 RESISTANCE: 7,734 - 7,878.
Money Market:
The Lira was negative yesterday, weakening 0.01% compared to the USD to close to 27.0623. In addition, the currency appreciated by 0.11% against the basket composed of $0.50 and €0.50. Meanwhile, the local fixed income markets were relatively flat. The ten-year benchmark bond ending at 19.28%, unchanged from its previous closing.
Company News:
Bim (BIMAS.TI; OP) is to announce its 2Q23 results after the close of the TR markets. For 2Q23, we expect net sales of TRY 61,230mn (Research Turkey market average expectation: TRY 58,121mn), rising 80% YoY. On the EBITDA side, the average market expectation is TRY 4,318mn, while our expectation is TRY 4,447mn. As a result, we expect the Company to print a net profit of TRY 2,541mn (RT market expectation: TRY 2,424mn).
Turkcell (TCELL.TI; OP) is set to announce its 2Q23 financials today after the market close. We anticipate quarterly net profit of TRY 3,164mn (2Q22: TRY 1,858mn net profit, +70% YoY), while the market average expectation is for a TRY 2,955mn net profit. We expect 2Q23 net sales revenues and EBITDA to reach TRY 21,413mn and TRY 8,689mn, respectively. The market's respective quarterly net sales and EBITDA expectations are TRY 21,063mn and TRY 8,666mn.

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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.