Mornıng Report (Trive Yatırım Menkul Değerler )

• The BIST100 closed yesterday 0.28% higher at 7896, and turnover of TRY 91.7bn, but faced profit-takings on the back of the higher-than expected US CPI figures, after peaking intraday at 7950, parallel to the sell-offs in the global markets due to the possible delay in rate cuts by the major central banks.
• The Conglomerates and Mining stocks rallied the BIST higher, whereas the Industrials were pulled back due to the heavy sales in EREGL and HEKTS shares, while the Banks closed slightly above the benchmark, thanks to GARAN.
• KCHOL-SAHOL and BIMAS were yesterday’s biggest Advancers, whereas HEKTS-EREGL and GUBRF were the most sold. TUPRS shares also succumbed to losses after an oil tanker headed for TUPRS’s Aliaga refinery was seized by Iran, in retaliation for the confiscation last year of the same vessel and its oil by the US.
• As of print, the TRY is trading considerably weaker against the USD at 30.12, after having a brief flirt at the 30 level, and is also weaker against the Euro at 33.06, while the DXY has fallen to 102.26. On the Bonds’ side, both the 2y and 10yr rates rose by 60bps and 43 bps to 40.81% and 26.88%, respectively.
• This morning, we woke up to blazing red headlines that the US and UK struck Houthis targets across Yemen, amid the escalating seizure of commercial ships through the Red Sea, thus the main catalyst behind the surge in Brent prices, which is currently trading higher at $78.78, also leading Ounce and Gram GOLD prices to rise to $2035 and TRY 1970, amid the rising mercury in the risk thermometer.
• Last week, Non-Resident Investors were NET SELLERS of USD 300mn STOCKS and NET SELLERS of USD 46mn BONDS, thus ending 9 weeks of purchases, and the NET RESERVES also fell by USD 6bn in 2 weeks USD 32.3bn from USD 34.9bn last week.
• US inflation showed an increase in consumer prices of 0.3% on the month and 3.4% year-on-year, vs the m/m and y/y estimates of 0.2% and 3.2%, respectively.
• JPMorgan upped its UD/TRY parity for 2024 to 36 from 34, whereas UBS stated that in the mid-term, it still sees opportunity in shorting USD/TRY.
• At yesterday’s first meeting with JPMorgan investors in New York, the second of which is expected to be held in Türkiye, CBRT Governor re-emphasized Türkiye’s commitment to achieving disinflation, while anticipating the completion of the monetary policy tightening cycle as soon as possible. Erkan also added that Türkiye will continue to increase FX reserves.
• Moody’s is expected to release it sovereign credit rate for Turkey, currently standing at B3 Stable.
• Please note yesterday that we released our Food Sector and Beverage Sector Reports-where our top picks in the said sectors are OYLUM/KTSKR and AEFES/CCOLA, respectively.
AGENDA:
• On the local front today, the Current Account Balance will be released, while the US will release the PPI, after yesterday’s CPI disclosure, the UK will release its Industrial Production figures.
CORPORATE:
• FROTO/TTRAK: Disclosed that the Turkish Employers Association of Metal Industries (MESS), has taken a strike decision, and that negotiations were ongoing.
• KCHOL: Disclosed that its delivery subsidiary unit Sendeo signed a non-binding partnership memorandum with Ekol Ekspres Kargo, with the purpose of conducting activities of Sendeo under the “Kolay Gelsin” brand.


 
 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.