Morning Report (Trive Yatırım Menkul Değerler )

BIST CLOSES POSITIVELY AT PAR WITH PEERS
" The BIST closed yesterday 1.45% higher, and above the 10k level, at 10,024, with a turnover of TRY 92.6bn, parallel to the risk-on mode in the global markets, despite creating a few scares in the afternoon session. While the European markets closed in the green, the US markets pared their early morning pares towards the close of the session due to weak demand for its 10yr Treasury bonds.
" On the local side, the Banks once again diverged negatively from their peers, falling by 0.11%, whereas the Industrial and Conglomerates closed 1.29% and 1.45% higher, with the Transportation stocks, but specifically the Aviation stocks, rose on average 5.49%, whereas the Automotive stocks were pressured after FROTO's poor financial results.
" THYAO-KOZAL and SASA (speculated to get the CMB's capital increase nod on Friday) were the biggest BIST30 leaders, whereas FROTO-BIMAS and GARAN were the most sold. AEFES continued to bleed, but less profusely than its previous day losses, after Russia blocked the takeover of InBev's Russia operations, retreating by 0.67%.
" As of print, the TRY is trading a tad weaker against the USD at 33.52, but noticeably weaker against the Euro at 36.64, while the DXY is lower at 103.04. The 2yr and 10yr local Bond rates fell yesterday by 52bps and 38bps, to close at 42.47% and 28.19%, respectively.
" On the Commodities front, Brent is trading slightly higher this morning at $78.18, paring its early week losses due to the increase in the geopolitical tension between Israel-Iran, Ukraine and Russia, but now also due to the closure of one of Libya's largest oil fields, the Sharara, due to spat with Spain, which is operated by the Spanish oil giant Repsol, and despite the rising geo-political tensions, GOLD has been unable to stay above the 2400$ level, due to the liquidity tightening from the major central banks-the BOJ being the point in proof, currently trading at $2394.
" JPMorgan projected the chances of a US recession by the end of the year to 35% from 25% at the beginning of last month, due to sharper-than-expected weakening in labour demand and early signs of labour shedding, according to JPM economists.

AGENDA

" The Central Bank of Turkey 3rd Inflation Report Presentation and Non-Resident STOCK/BOND Holdings will be released on the local front today, while our international colleagues will be following the Japanese Current Account figures, and the US Weekly Jobless Claims and Wholesale Retail Figures.
" KCHOL and VAKBN are expected to release their quarterly financials today after the markets close.

2Q2024 FINANCIAL RESULTS
" ISCTR: Disclosed a quarterly net profit of TRY 15.10bn, compared to TRY 18.60bn y/y, but much higher than the $10bn market consensus. However, the NII decreased by 44% to TRY 8.58bn, and the Fees and Commissions came in at TRY 21.5bn. The Bank also revised its guidance, and thus reduced its NIM to 2% from 4%, and the ROE to 30% from 35%.
" LOGO: Disclosed a quarterly net profit of TRY 53.62mn, vs TRY 79.59 in 2Q23.

CORPORATE NEWS
" TSKB: Disclosed that it has signed an agreement with the International Islamic Trade Finance Corporation (ITFC) for the amount of USD 50 million under the repayment guarantee of the Ministry of Treasury and Finance of the Republic of Türkiye, regarding the financing to support working capital needs of private sector firms affected by the earthquakes that hit the eastern and south-eastern regions of Türkiye in February 2023 in order to rebuild and strengthen the economic activities.

 
 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.