Morning Report (Trive Yatırım Menkul Değerler )

TRADING TAX UNCERTAINTY CONTINUES TO JITTER INVESTORS
" The BIST100 fell yesterday by 2.86% to 10,343 and with a turnover of TRY 99bn, with the losses fairly evenly distributed across the board.
" It was not the best of starts for the BIST100 would be an understatement, despite a positive start to the day, the BIST100 fell as Finance Minister Mehmet Simsek, in an interview with the local TV channel, stated that the trading tax was till in play, an even though the government scrapped the transaction-based tax on Equities, he stated that he was studying the possibility of tax on investors' profits from stock market gains. The escalating violence in Syria against Türkiye, also made the mood worse.
" The Banks fell by 3.26%, and the Conglomerates and Industrials fell by 2.84% and 3.09%, respectively.
" BIMAS was the only stock that managed to close the day in the green among the BIST30 stocks, thanks to its defensive nature, whereas ODAS-KOZAL and AKSEN were the most sold.
" As of print, the TRY is trading flat against both the USD and the Euro at 32.65 and 35.05, respectively, and the DXY is also calm this morning at 105.95. The 2yr and 10yr Bonds both fell by 38bps and 53bps to close at 41.43% and 28.13%, respectively.
" On the Commodity front, Brent is trading slightly higher this morning at $86.63 and GOLD is slightly lower at $2326.
" Türkiye's June PMI figures fell to their lowest level this year to 47.9 from 48.4 last month, thus its 3rd straight closing under the 50 threshold, signalling a contraction in the economy.
" At the ECB Forum in the beautiful southern town of Sintra, Portugal, President Lagarde stated that the Bank needs time to weigh inflation uncertainties, and remain vigilant, as it's not yet done curbing prices. The European Central Bank doesn't yet have sufficient evidence that inflation threats have passed, thus fuelling expectations that officials will take a break from cutting interest rates this month. With the euro-zone job market remaining robust, the ECB has time to assess incoming information, added Lagarde, claiming that it's too soon to claim victory after the spike in prices. Fed Chairman, Jerome Powell will take the hot seat today at the conference.
" Citibank recommended its investors to long the Turkish Lira 6 month forward positions due to the reverse dollarization on the back of the tight monetary policies.

AGENDA

" There are no local macro releases expected today, while on the international front, the Eurozone will be disclosing its CPI figures.

CORPORATE NEWS

" KAREL: Disclosed it signed an $11.6mn IP central center with a local public entity.
" TKFEN: Disclosed that collections made on various dates for the Haradh Satellite Compressor Stations Pipelines project being carried out by its construction affiliate Tekfen İnşaat ve Tesisat A.Ş in Saudi Arabia, an invoice for 21 million USD has been issued to the Employer, Saudi Arabian Oil Company, for extra works not included in the contract, the costs of which have been accrued in previous consolidated financial statements.
" KRVGD: Will distribute gross TRY 0.31 cash dividends today.

 
 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.