Morning Report (Trive Yatırım Menkul Değerler )

BAD DATA=SELLOFFS!
" The BIST100 faced profit-takings yesterday, despite a positive opening, falling by 0.87%, but managing to close above the 10k level at 10,022, but on a low turnover of TRY 78.4bn, due to the profit-takings in the Banks-Industrial and Transportation stocks, while the REITS managed to decouple positively from their peers.
" The selloffs were parallel to the risk-off tsunami caused by the less-than-expected US PMI figures due to weak demand that came in at 47.2 vs the market expectation of 47.8, its 5th straight reading under the 50 level, thus showing a continued contraction, coupled with the higher-than-expected fall in the US construction expenditures, with the US antitrust subpoena against Nvidia being the icing on the cake, causing for NVIDIA to end the session 9% lower, and also dragging its peers-Intel-AMD and Marvell in the process.
" As such, the Asian markets are also in the deep red this morning, and the US Futures, led by Nasdaq, are indicating another red opening.
" The Banks fell by 0.97% and the Industrials by 1%, while the Transportation stocks-specifically, the Automotive stocks, fell by 1.70%. Due to the expectations of a rate cut in either September or October on the home-front, thus cheapening home loan rates, and coupled with the acceleration of the Urbanization projects, the REITs closed yesterday 0.81% higher.
" On this note, we recommend our investors to take a closer look at EKGYO shares. Despite the sharp fall in the share prices after the ruling party AKP candidate, and former Minister of Environment and Urban Planning, Mr. Murat Kurum, lost the Istanbul Municipality race, EKGYO quickly recovered after his re-appointment as Minister on July 2nd, 2024, and rose by 41% vs the 3.6% retreat in the BIST100! After yesterday's close at TRY 12.47/48 level, we believe that the highly likely rate cuts from the CBRT, thus reducing the cost of home loans, will reflect positively on the REIT sector, and especially onto EKGYO shares, coupled with the need and acceleration of the Urban Transformation process, especially in Istanbul. On a technical level, we see the Resistance Levels at TRY 13.30-14.70 and 16.10, while the Support Levels stand at TRY 11.86 and TRY 11.42, respectively, and we believe that the stock can reach TRY 18-20 range by the end of the year.
" BRSAN-HEKTS and EKGYO shares were the most bought, whereas TOASO-OYAKC and ASELS were the most sold.
" As of print, the TRY is trading weaker against both the USD and the Euro at 34.04 and 37.64, respectively, while the DXY is lower at 101.62.
" The 2yr and 10yr Bond Rates both rose by 25bps and 27bps to close at 42.05% and 28.49%, respectively.
" On the Commodity front, Brent is continuing its downwards spiral, currently at $73.32, while GOLD has edged upwards to $2496.
" August local CPI figures rose by 2.47% and 51.97% on a monthly and annual basis, vs 61.8% in the previous month, vs 2.7% and 51.83% Bloomberg forecast.
" Egyptian President Abdel-Fattah al-Sisi will be in Türkiye for meetings with President Erdogan, and as such, we will be following agreements between the 2 countries, especially in the Energy and Defence Sectors.
" Energy and Natural Resources Minister met with Energy China President regarding investments in renewal energy, as well as the mining of valuable reserves.

AGENDA

" On the local front today, the Effective Exchange Rate will be disclosed, while the Eurozone will be disclosing their Inflation Figures, and the US will release its Foreign Trade figures-Factory Orders, and Durable Goods numbers.

2Q2024 FINANCIAL RESULTS
" OYAKC: Reported a quarterly net income of TRY 2.1bn vs TRY 6.84bn y/y, thus its 6mth net profits rose to TRY 2.97bn, down from TRY 7.29bn y/y.
CORPORATE
" AUTOMOTIVE: August sales rose by 0.23% y/y to 69,288 units, and the Jan.-Agu. Figure was at 762,152.


 
 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.