Mornıng Report (Trive Yatırım Menkul Değerler )

• The BIST100 fell a further 1.39% yesterday to below the psychological 10k level to 9998, but again on a low turnover of TRY 69.3bn, attributable to the uncertainty regarding the state of the proposed transaction-based tax rate, with the selloffs accelerating towards the closing of the session. Vice President Cevdet Yilmaz also chimed in on the matter yesterday, reiterating the Treasury and Finance Minister’s statements last week that a tax rate on capital gains was not on the table, but that a minimal 1-2bps transaction-based tax rate was being discussed.
• We expect the negative mood in the BIST to continue today and tomorrow as well, but may see a bounce-back after the credit positions are closed on Thursday and Friday, before the beginning of the long Eid vacation.
• The 0.37% retreat in the Banks was peanuts compared to the 6% losses incurred on Friday, whereas the Conglomerates shed a little over 2.5%, and the Industrials and REITs closed 1.51% and 1.93% lower, while the losses in the Energy stocks was near 2%. One sector that did manage to shine brighter than its peers, were the Mining stocks, rising 3.3% higher over its peers, thanks to a Buy Report from a local brokerage house.
• As such, KOZAA-KOZAL and TCELL were yesterday’s most bought blue-chips, as opposed to TAVHL-SASA and KRDMD.
• As of print, the TRY is trading flat against the USD at 32.41, but weaker against the Euro at 34.90, while the DXY is relatively calm at 105.12.
• On the commodity front, Brent is trading a tad weaker at $81.25, while GOLD is lower at $2298.
• In April, the Current Account Balance posted a deficit of $5.3bn, thus aggregating to $31.5bn on a 12mth basis. Speaking on the matter, Treasury and Finance Minister, Mr. Mehmet Simsek, stated that he expects the deficit to be around $24bn-27bn for the remainder of the year, thus lower than the Medium Term Program target of $34.7bn.
• April Industrial Production fell by 4.9% on a monthly basis, thus contracting by 0.7% on an annual basis. The Mining and Quarrying sector grew by 12.2% y/y, the electricity-natural gas-and steam sector grew by 1.6%, whereas the manufacturing sector fell by 1.5%.

AGENDA

• On the local front, the Retail Trade figures will be disclosed, whereas on the international front, there are no major macro releases expected until the critical Inflation figures and the FOMC meeting on Wednesday.


 
 Trive Yatırım Menkul Değerler A.Ş.
  https://www.trive.com.tr/

***
                        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.