Market Watch (Şeker Yatırım)

Market Watch - Thursday, September 19, 2024
Outlook:
The BIST100 Index, which started Wednesday on a flattish course, moved in a narrow band throughout the day to rise by a limited 0.17% to9,774.49. While the Industrial Index fell by 0.90%, the Banking Index edged higher by 1.05%. Although selling pressure has eased in recent days, the rises are also limited as there is no story pushing the index upwards. The weakening of earnings in the short term and the meager earnings expectations for the 3rd quarter remain as negative factors. The Central Bank's interest rate decision will be announced today. Both the market and our expectation is that no changes will be made to interest rates. Investors will follow the decision text of the FED and other developed country central banks, as well as recent inflation and macro projections. The Fed cut the benchmark rate by 50 basis points, not 25 basis points, to 4.75-5.00%, despite the market expectation of 65% probability. Speaking after the meeting, Powell said that the 50 basis point cut did not mean the economy was in bad shape, and that lower interest rate cuts could be made at subsequent meetings. In the dot charts, the median interest rate expectation for the end of 2024 eased from 5.1% to 4.4%. Although this means that an interest rate cut of approximately 50 basis points is expected by the end of the year, the market is pricing a 75 basis point cut. Yesterday, US stock markets finished the day with a slight decline. This morning, German DAX futures, US futures and Asian stock markets are generally positive. The VIOP30 Index closed the evening session with a 0.16% rise. We expect the Benchmark Index, likely to start Thursday with reactionary purchases, to attempt a 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 0.01% against the USD to close at 34.0964. The currency also appreciated by 0.01% 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 28.85%-28.97%, closing the day at 28.88%, down 9 bps from the previous close.
Headlines:
The Central Bank interest rate decision will be announced today. Both the market and our expectations are that interest rates will remain unchanged. In the text accompanying the decision, comments on developments regarding the decision of the FED and other developed country central banks, as well as recent inflation and macro projections will be closely monitored. We will publish our detailed analysis during the day.
Company News:
Gelecek Asset Management has won the tender for the sale of Akbank's (AKBNK.TI; OP) NPL portfolios for TRY683mn having submitted the highest bid. The total sales amount represents 3% of the bank's NPL book as of 2Q24, and should reduce the NPL ratio by 6bps.
Arcelik (ARCLK.TI; OP) announced that the factory in Egypt, established with an investment of USD 110 million and laid out in 2022, has opened on September 18, 2024.
The factory will initially focus on the production of refrigerators and ovens, with plans to produce other home appliance categories in the future. With a closed area of 70,000 m², the total area of the factory is 114,000 m². It is projected that approximately 2,000 jobs will be created, and the annual production volume is expected to reach 1.5 million units once operating at full capacity.
Is Bank (ISCTR.TI; OP) has decided to transfer TRY1.54bn of its NPL book for TRY539.5mn to four asset management companies with a 35.1% yield. The total amount represents 6% of the bank's NPL book as of 2Q24, and should reduce the NPL ratio by 10bps. Neutral.
 



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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.