Mornıng Report (Trive Yatırım Menkul Değerler )

• Parallel to the global risk-off mode, the BIST100 ended yesterday 5.54% lower, below even the 10k level at 9893, and with a turnover of TRY 102.5k, opening the new week with 2 consecutive circuit breaks. The VIX increased more than 100% to 64.06, before cooling down to 35, thus rising to its highest level since 2020.
• We observed a much greater than-expected risk off mode from investors, with the trough observed at 9733, as even levels below the 10k level were not even seen as bargain deals for local investors to go dip-buying, in light of the global chaos!
• The losses at the BIST were mainly influenced primarily by external factors, those being fears of a US recession, triggering talks of rapid Fed rate cuts, a 50% rate cut at its next FOMC meeting in September is being pencilled-in, and even an ad-hoc, extraordinary rate cut before the September meeting is also being speculated upon, as well as the strengthening of the Japanese yen on the back of last week’s rate hike from the BOJ, thus crashing the yen “carry-trade” and appearing to shift the investments to bonds rather than equities, the ongoing re-rating of the tech sector, and more to home, the tension in the Middle East, and fears of a retaliation from Iran due to the assassination of former Hamas leader Ismail Haniyeh, in its own turf, can all be linked to yesterday’s harsh global selloffs.
• The losses were evenly dispersed across the sectors, with the Mining and Industrial stocks falling 8.56% and 6.48%, respectively, and the Service stocks managing to lose less than 5%, whereas the Banks closed 5.58% lower.
• There were no BIST30 stocks that closed positively, but ranking from least to most sold, TCELL-ENKAI and DOAS were the least sold, whereas KONTR-SASA and EREGL were the most sold blue-chips.
• Parallel to the rebound in the global markets this morning, Japan trading 10% higher, and the MSCI Asia Index also around 3% higher, we expect the BIST to also bounce back from yesterday’s harsh selloffs.
• As of print, the TRY is trading flat against the USD at 33.35, but a tad weaker against the Euro at 36.57, while the DXY is higher this morning at 102.84. The 2yr and 10yr local Bond rates rose by 34bps and 52bps to close at 42.31% and 28.22%, respectively.
• On the Commodities front, Brent has risen this morning to $77.21, while GOLD is flat trading at $76.51, and GOLD is flat at $2409.
• Yesterday, the local July Inflation figures increased by 3.2% on an m/m basis and by 61.8% on an annual basis, thus lower compared to the expected 3.42% and 71.60% expectations.

AGENDA

• On the local front today, the CBRT July Inflation Assessment Report and Effective Exchange Rate will be disclosed, while on the international end, Germany Factory Orders, the Eurozone Retail Sales, and the US Foreign Trade Balance will be released.

2Q2024 FINANCIAL RESULTS
• AYGAZ: Disclosed a quarterly net profit of TRY 252.5mn vs TRY 834.1mn y/y.
• THYAO: Disclosed a quarterly net profit of TRY 37.4bn vs the expectation TRY 3.74bn and TRY 13.8bn y/y.
• TUPRS: Disclosed a quarterly net profit of TRY 5.35bn vs TRY 12.4bn y/y. The Company also announced that it will distribute net TRY 10.74 cash dividends per share.

CORPORATE NEWS
• HEKTS: Disclosed that a pesticides and EPC contract was signed on 05.08.2024 between HEKTAS ASIA LLC, which is 100% subsidiary of our Company to operate in the plant protection and plant nutrition business sectors in Uzbekistan and surrounding markets, and Contractor Company.

 
 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.