Market Watch (Şeker Yatırım)

Market Watch - Thursday, December 28, 2023
Outlook:
The BIST100 Index started Wednesday on a negative trend, ultimately closing at 7,260.44, down 0.53%. While the Banking Index lost 2.64%, the Industrial Index diverged positively, up 0.36%. Transaction volume remains weak due to the tendency towards alternative income instruments amid rising interest rates and the rise in stock loan interest rates. Profit realizations continue after the recent rapid gains among banking stocks. We expect no significant change in the short-term outlook as we approach the end of the year. However, sharp pullbacks can be considered as buying opportunities for the medium term. In global markets, risk appetite has been maintained ahead of the New Year. While major stock markets closed up yesterday, U.S. futures, German DAX futures, and Asian Stock Markets are on the rise this morning. The data agenda before the New Year is calm and we expect transaction volume to remain low. The VIOP-30 Index completed the evening session flat. Locally, we expect the Benchmark Index to start Thursday positively and to continue its fluctuating course despite any intraday reactionary purchases. SUPPORT: 7,200 - 7,068 RESISTANCE: 7,365 - 7,520.
Money Market:
The Lira was negative yesterday, weakening 0.29% compared to the USD to close to 29.4071. In addition, the currency depreciated by 0.69% against the basket composed of $0.50 and €0.50. Meanwhile, the local fixed income markets were negative. The ten-year benchmark bond was traded within a range of 26.01%-26.16%, ending the day at a high of 26.16%, 14 bps above its previous closing.
Headlines:
*** According to the statement issued by the Ministry of Labor and Social Security, the net minimum wage for 2024 is determined as 17,002 TL. With the new regulation the minimum wage, set at 11,402 TL in July 2023, rises by 5,600 TL (net) and 49.11%. The new rate will remain valid for 12 months with no interim increase. According to previous forecasts, we expect wages to gradually add 4-6 percentage points to inflation in total. Moreover, given the conventional relationship between wages and unemployment, the item will inevitably put upward pressure on unemployment and downward pressure on growth.
Sector News:
*** The corporate tax exemption on FX-Protected Deposits and participation accounts has been extended to June, 30 2024 from December, 31 2023. The President has authorized the extension of this period for up to six months at a time, to reduce the applied exemption rate and bring it back to its legal level, to reduce the exception rate according to the account type, maturity and opening date of the accounts, and to determine different exception rates.
According to the Turkish White Good Manufacturers Association production of the six main products (Refrigerator, Washing Machine, Dish Washer, Oven, Deep Freeze, and Dryer) decreased 1% YoY in November. Domestic sales and exports fell 1% and 9%, respectively, while imports rose163%.
Between January-November domestic sales rose by 15% thanks to demand brought forward ahead of the election and the high summer season. However, exports shrank by 11% YoY on weak demand, especially in the main market of Europe. Production decreased 11% YoY while imports rose 89%.
While the normalization of domestic demand continues, global demand remains weak. We expect domestic and global demand to remain weak in the coming period, and evaluate the latest data as NEGATIVE.
Company News:
Kardemir (KRDMD.TI; OP) has announced a total sales volume target of 616k tons in 1Q24 (1Q23: 610k tons).
Sisecam (SISE.TI; OP) has announced that a total of 420,849 nominal shares (total amount of TRY 19,194,923) were repurchased within a price range of TRY 45.48 - TRY 45.74 per share (average price TRY 45.61) at the BIST on December 27, 2023. Total repurchased shares to date correspond to 1.736% of the company's capital (including the disposal of a portion of the repurchased shares).
Yapi Kredi Bank's (YKBNK.TI; OP) Board has authorized its management to issue bonds or similar debt instruments for up to USD7bn (including USD2bn as Tier 2 debt) with fixed and/or variable interest rates, in various arrangements and maturities, to be realized through one or more issues, and to be sold abroad within the 1-year period following CMB approval.



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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.