Morning Report (Trive Yatırım Menkul Değerler )

GLOBAL MARKETS PUMMELTED BY FEARS OF RECESSION AND LAG IN RATE-CUT QUESTIONING
" The BIST100 closed 1.50% higher yesterday at 10,798, rebounding from its peak at 10,880, and with a turnover of TRY 92.6bn, thanks to the bounce back in the recent laggard sectors. The BIST was perhaps the envy of tis global peers yesterday, as the European and US markets fell due to the poor PMI figures, that stoked recession worries, accompanied with "Were the Central Banks too late in cutting interest rates?
" Perhaps rather than taming of inflation, poor growth outlook is what triggered Fed Chair Jerome Powell to put the "rate-cut card" into play in September.
" Today, the Asian markets are also trading in deep red, and the 10yr Japanese bond yields are trading below 1% for the first time since 20th of June.
" As such, the Banks-Mining and Transportation stocks closed the day over 3% higher, with the Industrial and REITs underperforming their peers, but still managing a green close.
" YKBNK-GARAN and PGSUS were yesterday's highest BIST30 earners, whereas OYAKC-BIMAS and KONTR were the most sold. The Banking stocks were helped by the positive earnings results from GARAN and YKBNK
" As of print, the TRY is trading weaker against the USD at 33.18, but flat against the Euro at 35.84, while the DXY has retreated slightly to 104.28. The 2yr and 10yr Bond rates both fell by 32bps and 50bps to 42.10% and 27.85%, respectively.
" On the Commodities front, Brent is once again trading under the $80 ticker after the release of the worse-than expected PMI figures, but is a nudge higher this morning at $79.90, and GOLD has risen to $2458.
" Last week, Foreign investors were net SELLERs of $129mn STOCKS, but net BUYERs of $1.361bn BONDS.

AGENDA

" There are no major macro releases on the local front, while the US Non-Farming data will be carefully monitored.

2Q2024 FINANCIAL RESULTS
" TSKB: Net profits rose to TRY 2.47bn from TRY 1.77bn y/y.
" TOASO: Net profits declined by 81.4% on an annual basis to TRY 1.29bn from TRY 6.91bn.

CORPORATE NEWS
" ALARK: Disclosed that negotiations have begun with potential investors in order to evaluate different strategic alternatives, including partial or full sale of shares of its subsidiary Alsim.


 
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