Mornıng Report (Trive Yatırım Menkul Değerler )

CHOPPY BUT HIGHER
• The BIST100 closed Friday on a loss of 0.19%, at 10,852, and with a turnover of TRY 97.4bn with the Banks seeing profit-takings and TOASO shares facing sharp selloffs after Bloomberg reported that the Chinese Electric Vehicle Company, BYD, is poised to build a $1bn EV plant in Turkey, which could give it easier access to the European Union, as Turkey has a customs agreement with the EU, but also poised to create competition for local automakers, such as TOASO, thus helping to explain its 4.71% drop on Friday.
• The Banks faced profit-takings, and dragged the gauge lower by 0.86%, while the REITs and Industrial stocks diverged positively from their peers, and the Mining stocks finally dusted off its recent overhang, surging by 3.70% on Friday.
• For the week, the BIST100 and BIST30 closed 1.91% and 2.55% higher, despite some hiccups along the way, led by the 2.80% gains in the Banks and 2.76% rise in the Holdings, coupled with the 3.45% surge in the REITs after the Environment and Urbanization Minister’s resignation was filled by the re-appointment of former Minister and Head of EKGYO, Mr. Kurum, sparking speculations of more focus on the Urbanization process. The Transportation stocks closed flat on the back of rising fuel prices and THYAO’s fleet concerns, which was resolved on Thursday via a compensation package, while the Energy stocks fell by 3.71% on the back of Türkiye’s talks with the US to
build new nuclear plants, thus planning to increase the nuclear power’s share in the energy sector, at the expense of other sources.
• The TRY appreciated by 0.19% against the greenback but lost a little over 1% value against the Euro. The 2yr and 10yr rates also fell by 4.40% and 3.43% to close the week at 39.76% and 27.31%, respectively.
• On the Commodity front, Brent prices rose by 1.97% and GOLD rose by 2.79%.
• Looking at today, the TRY is trading flat against the USD at 32.67 against the USD, but stronger against the Euro at 35.36, while the DXY has risen to 104.95, as of Friday’s closing numbers.
• On the Commodity front, Brent has started the week lower at $86.06, and GOLD has also retreated slightly to $2385.
• At yesterday’s general elections, France's leftist, that’s right not the right, New Popular Front has won the largest number of seats in the final round of snap parliamentary elections, with President Emmanuel Macron’s centrist camp and the far-right National Rally trailing in third place, according to the exit polls, much to the relief of many people, as the far-right parties were expected to win the elections, however none of the groups are expected to reach the 289 seats needed for an absolute majority, which may create volatility in the markets.
• According to Reuters, at this week’s NATO summit, to be held on July 9-11, the member states will unveil a "bridge to membership" plan for Ukraine and announce steps to bolster Kyiv's air defences, according to a senior U.S. official, adding that "Allies will reaffirm that Ukraine's future is in NATO, will make significant new announcements about how we're increasing NATO's military political and financial support for Ukraine. This is part of Ukraine's bridge to NATO." As expected, Russia’s response to the increased military presence on its borders will be closely watched.
• This week, the Head of the CBRT and Finance and Treasury Minister, will be attending JPMorgan’s investor meeting in Istanbul, with an estimated 100 investors expected to attend, per media reports.

AGENDA

• Local investors will be following the Unemployment Rate-Industrial Production-Retail Trade Figures-Net Change in Non-Resident STOCK/BOND Holdings and Conclude the week with the Current Account Balance.
• Our international colleagues will be following the US Inflation Figures-Budget Balance-and Fed Chairman Jerome Powell’s speech, while Germany will be disclosing its Inflation figures and Current Account Balance.

CORPORATE NEWS

• ARCLK: Disclosed that as part of efforts aimed at realizing the synergies targeted with the merger with Whirpool, analyses have been conducted resulting in the decision to initiate consultations with employees regarding the closure of the dryer factory in the UK, a facility previously under Whirlpool Europe, due to its inefficiency. Per the disclosure, the closure marks the mandatory initial phase, and it is aimed to be completed by the end of the year should it go ahead. Considering the company's dryer capacity, it is not expected that the closure of this facility would lead to a consolidated level revenue loss. Any one-off expenses arising from the closure will be disclosed in the financial statements once finalized.
• AYDEM: Disclosed that it has applied to the Energy Market Regulatory Authority (EMRA) for the return of generation licenses for Yağmur HPP and Armağan HPP projects under Ey-tur Enerji Elektrik Üretim ve Ticaret A.Ş. and Başat Elektrik Üretim ve Ticaret A.Ş., which are fully owned by Aydem Yenilenebilir Enerji. This decision was taken by the management since the projects were not feasible and were less efficient compared to current growth investment plans, which were consequently approved by the EMRA.
• DOAS: Disclosed that as a diversification of its product range in the maritime sector, a distribution agreement has been signed between Aerofoils regarding the sales and services of "Aerofoil" brand "e-foil products" in Türkiye.
• THYAO: Disclosed that it has decided to establish "THY Yatırım Yönetim A.Ş." as a 100% Turkish Airlines subsidiary to manage various investment projects outside the core business of the Incorporation through a subsidiary company.


 
 Trive Yatırım Menkul Değerler A.Ş.
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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.