Morning Report (Trive Yatırım Menkul Değerler )

DEJA-VU FROM LAST MONDAY
" Despite a positive opening to the session, investors started pocketing their profits in the second half of the session, and the selloffs accelerated towards the close, as the BIST100 failed to stay above the critical 10k psychological level, and closed the day 0.80% lower to 9829, with a low turnover of just TRY 79.6bn.
" After last week's spiralling losses, the Banks managed to diverge positively from their peers, and closed 1.09% higher, while the Industrials fell by 1.72% and the Conglomerates fell by 0.97%, however, despite the surge in the GOLD prices, the Mining stocks were the most sold, ending the day nearly 4% lower.
" As such, AKBNK-GARAN and EKGYO were yesterday's best performing blue-chips, whereas PETKM-KOZAL and ASTOR were the most sold.
" As of print, the TRY is trading stronger against the USD at 33.50, and a tad stronger against the Euro at 36.65, while the DXY is flat this morning at 103.12. The 2yr Bond rates fell by 53bps to 42.36%, whereas the 10yr rates were unchanged at 28.33%.
" On the Commodity front, Brent is trading slightly lower this morning at $81.25, relaxing from its 2% surge yesterday, and GOLD is also slightly lower this morning at $2459.
" Brent prices surged yesterday amid speculations of an Iranian retaliation against Israil, despite OPEC's demand cut for 2024 to 2.11mn bpd from the previous 2.25mn bpd target, due to growth concerns, especially on the back of sluggish demand in China.
" The Unemployment in Türkiye rose to 9.2% from 8.5%, its highest reading in 11 months.
" HSBC disclosed that it forecasts the USD/TRY and EURO/TRY parities to be at 36 and 37.80 at year-end, while seeing the rate cuts to begin in 1Q25, thus ending 2024 at 50%, but retreating to 45 in 1Q25 and to 40% in 2Q25.
" Yesterday, the Treasury and Finance Minister, Mr. Mehmet Simsek, wrote that they were analysing the inflation accounting and its effects on the Banking sector, which may create an overhang on the said sector stocks today.
" MSCI Index Change: According AEFES has been added to the MSCI Global Standard Index, while ANHYT-BRSAN-LYDHO and RYGYO have been added to the Small Cap Index, while AEFES-BJKAS-KTLEV-KMPUR and ODAS have been removed. The changes will be effective as of 30 August 2024 session close.

AGENDA

" On the local front today, the Current Account Balance and Home Sales Figures will be disclosed, while on the international front, the Japanese CPI figures, Germany ZEW Index, and US PPI Figures will be watched.

2Q2024 FINANCIAL RESULTS
" HALKB: Disclosed a quarterly net profit of TRY 3.44bn vs. the expected TRY 2.90bn, thus raising its 6mth net profits to TRY 11.58bn.
" PGSUS: Disclosed a quarter net profit of TRY 4bn, thus beating expectations. Revenues increase by 16% y/y to €763mn, and aggregated to €1,282bn in 6M24. EBITDA rose by 4% y/y to €230mn in 2Q24 and to €268mn in 6M24. The EBITDA margin was 30.1% in 2Q24 and 20.9% in 6M24. The Bottomline increase by 23% y/y to €112mn and €9mn for 6M24.
" ULKER: Disclosed a quarterly net profit of TRY 1.26bn vs the TRY 1.66bn expectations.

CORPORATE NEWS
" AKGRT: Disclosed that its gross premiums fell by 3% to TRY 2.2bn in July but increased by 48% for Jan-Jul. period to TRY 19.7bn.
" AKSEN: Disclosed its 2024 guidance figures. Accordingly, the Energy company expects net sales to fall to TL 27.215bn from TRY 35.17bn in 2023, EBTIDA to fall to 7.795bn from 7.901bn, and CAPEX to increase to TRY 16.24bn from TRY 1.834bn.

 
 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.