Market Watch (Şeker Yatırım)

Market Watch - Wednesday, September 18, 2024

Outlook:

Starting off on an increase, the BIST100 Index maintained its positive trend throughout Tuesday to end on a 1.89% gain at 9,758.14. The Industrial Index rose by 0.73% and the Banking Index by 1.92%. The Benchmark Index edged up 5% on reaction buying after testing below its 200-day average last week. Yet, it might be too early to say that BIST has returned to an uptrend in the short term. The lack of expectations for the bourse and the expectation that 3Q earnings will continue to weaken are monitored as short-term risk factors. From a medium- long-term perspective, we maintain our view that pullbacks offer a buying opportunity. On the global side, US and European stock markets were slightly bullish yesterday. Today, markets will follow the Fed meeting, set for 21:00 Turkish time, and Powell's post-meeting statements. Traders are pricing the Fed cutting rates by 25bps and 50bps with a respective 65% and 35% probability. On the other hand, the projections to be published at this meeting will be the focus of the markets. The latest projections indicated a 1/25bps discount for this year. Let us remind you that the markets have currently priced in a total 100bps discount from three meetings. This morning, German DAX futures, US futures and Asian markets are also on a positive track. We expect the trading volume to be limited ahead of the Fed meeting, but volatility to rise thereafter. The VIOP30 Index completed the evening session with a 0.03% decline. We expect the Benchmark Index, which is expected to start Wednesday on a flattish course, to rise later if selling pressure is met. SUPPORT: 9,600 - 9,500 - RESISTANCE: 9,800 - 9,900
Money Market:
The Lira was negative yesterday, weakening 0.23% against the USD to close at 34.0963. The currency also depreciated by 0.20% 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 28.91%-29.29%, closing the day at 28.97%, down 30 bps from the previous close.

Sector News:
Fitch Ratings has upgraded 12 Turkish banks' Long-Term FC Issuer Default Ratings to 'BB-' from 'B', seven banks' LTFC IDRs to 'B+' from 'B' and five banks' LTFC IDRs to 'B' from 'B-'. The Outlook for banks with 'BB-' LTFC IDRs has been revised to Stable from Positive, while banks with 'B+' LTFC IDRs driven by their Viability Ratings (VRs) remained on Positive Outlooks. Lastly, the Outlooks for banks driven by government support were revised to Stable.
 



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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.