Morning Report (Trive Yatırım Menkul Değerler )

NEW MONTH NEW BIST?
" On Friday, Türkiye's official removal from the Financial Action Task Force (FATF) Gray List, which was highly expected, triggered selloffs at the BIST, and especially in the Banks, accelerating towards the close of the session to end the day 0.31% lower at 10.648, with a notable large turnover of TRY 121.1bn.
" The Banks dragged the gauge lower, closing the day 3.25% lower, while the Conglomerates rose by 2.17%, and the Industrials were flat.
" SAHOL-ALARK and SISE were Friday's biggest advancers, whereas AKBNK-GARAN and ISCTR led the bottom 3 most sold blue-chips, followed by ARCLK, which fell victim to profit-takings after this week's upwards movement, mainly thanks to media speculations.
" For the week, the BIST100 and BIST30 fell by 1.15% and 1.62%, respectively, attributable to the growing tension in the Middle East, pricing-in of Türkiye's removal from the Grey List, lack of new catalysts, and the surprising hawkish tone from the CBRT, despite leaving the policy rate unchanged at 50% at the MPC meeting on Thursday.
" The Banks were the most sold, falling by 2.71%, the Industrials fell by 0.80%, and the Service stocks retracted by 1.82%, while the Conglomerates managed to decouple positively from the negativity, and rose on average 0.97%, joined by the REITs' 0.74% gains, on the back of President Erdogan's statements that despite the CBRT hiking interest rates, he still favours low interest rates, thus fuelling potential rate cuts in the future. The market participants expect such a move likely to come in the 4th quarter, as Türkiye still has a way to go in its battle with inflation.
" The TRY appreciated against the USD by 0.36% and by 0.21% against the Euro, while on the Bonds' side, both the 2yr and 10yr rates fell by 3.08% and 1.74% to close at 41.59% and 28.28%, respectively.
" On the Commodity front, Brent rose by 0.64%, and GOLD prices increased by 0.25%.
" As of print, the TRY is trading flat against the greenback 32.74, but weaker against the Euro at 35.21, due to the rise of the Far-Right parties in the French elections, albeit not as high as polls suggested, and the DXY has thus fallen to 105.60.
" On the Commodity front, Brent is trading higher at $85.22 on concerns of the tension spilling over to Lebanon, with the Pentagon stating that it is moving US Military assets closer to Israel and Lebanon to be ready to evacuate Americans, and GOLD is lower at $2321.
" The Chinese Caixin/S&P Manufacturing Index rose to 51.8 from the previous month reading of 51.7.
" On Friday, the Energy Regulatory Agency, disclosed that a 38% price hike will be implemented as of July 1st, 2024, for homes, 30% for agricultural usage, and 38% for low-level business usage and 20% for high-level business usage. This news alert triggered ENJSA shares to close the day over 2% higher.
" Moody's disclosed on Friday that removing Turkey from the FATF Gray list will increase foreign investments, and also enhance Turkey's reputation internationally, strengthen foreign investments, and potentially strengthen its relations with European and US institutions," according to the Moody's Sector Practice Leader, Mohamed Daoud. Please note that Moody's is expected to release its Türkiye Sovereign Credit Rating on July 19th.
" Today, Finance and Treasury Minister, Mr. Mehmet Simsek, will be revealing the "Draft" Tax Reform package with business leaders.

AGENDA

" The local macro agenda will kick-off with the June PMI figures, followed by the CPI, REER, Change in Foreigners' STOCK/BOND Holdings, and the Cash Budget Balance.
" On the International side, the US will be releasing its PMI-Construction Costs-ADP Employment Report-Trade Balance-Durable Goods Orders-FOMC Minutes-Non-Farm Payroll Figures, and Unemployment figures, while the Eurozone will disclose its Inflation-Industrial Production and Retails Sales.

CORPORATE NEWS

" There are no major corporate releases


 
 Trive Yatırım Menkul Değerler A.Ş.
  https://www.trive.com.tr/

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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.