Market Watch (Şeker Yatırım)

Market Watch - Thursday, June 20, 2024

Outlook:

The BIST 100 Index started Friday on a positive trend, ultimately closing at 10,471.32, up 0.76%. While the Industrial Index diverged positively, up 1.27%, the Banking Index lost 0.38%. The BIST, which ended its recent correction fueled by the postponement of the tax study on the stock exchange, saw reactionary purchases ahead of the holiday. Factors such as Turkey's potential exit from the gray list on June 28 and Moody's evaluation on July 19, as well as investor visits to be made by Minister of Treasury and Finance Şimşek should support the BIST. Global stock markets generally followed a positive trend while Turkey was closed, although France's early election decision has had a slightly negative impact on European stock markets. Today, the interest rate decision of the BoE is awaited on the global front, where no change in interest rates is being priced-in. U.S. futures and Asian stock markets are trading positively, whereas DAX futures are negative. The VIOP closed the pre-holiday evening session slightly positive. Locally, we expect the Benchmark Index to start Thursday positively and seek to continue its rise should it meet intraday profit-taking. SUPPORT: 10,400 - 10,300 RESISTANCE: 10,600 - 10,700.
Money Market:
The Lira was negative on Friday, weakening 1.30% against the USD to close at 32.7037. The currency also depreciated by 0.68% against a basket of $0.50 and €0.50. Meanwhile, the local fixed income markets were relatively flat. The ten-year benchmark bond yield fluctuated between a range of 28.56%-28.73%, closing the day at 28.57%, down 3 bps from the previous close.
Headlines:
On the macroeconomic data agenda, Central Government Budget data for May will be released today. Having posted a deficit of TRY 177.8 billion in April, we retain our negative outlook for the second half of the year. Our detailed analysis will be published during the day.
Company News:
According to inflation-accounting provisions (IAS-29), Kardemir (KRDMD.TI; OP) reported a loss of TRY 832mn (1Q23:TRY 1,739mn loss) in 1Q24. High costs suppressed net profit while TRY 2,101mn of expenses from other activities contributed to a TRY 25mn operating loss. The company booked a rather low TRY 9mn monetary gain and TRY 433mn tax expenses.
In 2023, Kardemir booked TRY 12,209mn in revenues (1Q24: TRY 15,986mn -24% YoY), including inflation-accounting provisions (IAS-29). Sales volume of 563k tons was down 9% on the 611k tons of 1Q23. The company printed a TRY 1,428mn EBITDA for 1Q24.



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