Mornıng Report (Trive Yatırım Menkul Değerler )

• The BIST100 was scene to another day of heavy sell-offs, after the previous day’s positive buying appetite towards the close, thanks to the Banks, which too could not escape the wrath of the cash-hungry local investors, causing for the BIST to end the day 2.83% lower at 7529, and with a turnover of TRY 82.1bn. The fact that the t+2 settlements coincide to Friday, also was a heavy contributor to the steep sales.
• The Banks had been on a buying mode for most of the day, ahead of Friday’s Moody’s credit rating decision, but fell victim to the sell-offs, nevertheless closing on a loss of less than 1%, much to the envy of its peers, while the Energy and Mining stocks were the most sold sectors.
• YKBNK and SAHOL were the only blue chips to close in the positive territory, whereas SASA closed limit-down after the parent company sold its shares and was followed by TCELL and EKGYO.
• As of print, the TRY is trading stronger against the USD at 29, but weaker against the Euro at 31.61and at 31.33 against the Euro, while the DXY has fallen to 102.65, after the FOMC left interest rates unchanged. The 5yr CDS rates have fallen to 319.
• In the wake of yesterday’s FOMC meeting and positive trading in the global markets, we expect the BIST to also open on a positive note.
• On the Bonds’ side, the 2yr rates rose by 11bps to 38.70%, whereas the 10yr rates fell by 16bps to 26.61%.
• On the Commodity front, Brent is trading higher this morning at $74.67, and both Ounce and Gram GOLD prices considerably higher at $2033 and TRY 1897, respectively.
• The Banking watchdog BRSA disclosed that Banking and financial companies will be exempt from inflation accounting.
• The FOMC kept the interest rates unchanged 5.25%-5.50%, and indicated three cuts coming in 2024, and the dot plot also indicated 4 more cuts in 2025 and 3 cuts in 2026. Powell also added that the Fed doesn’t need a recession to cut rates and is willing to cut rates event the US economy doesn’t dip into a recession in 2024.
AGENDA:
• On the local front, the Weekly Non-Resident STOCK/BOND Holding and Banking figures will be released, and on the international stage, the BOE and the ECB, followed by Christine Lagarde’s speech will follow, but both CBs are expected to leave interest rates unchanged.
• And after yesterday’s conclusion of the FOMC meeting, the US will release its Weekly Jobless Claims, and Retail figures.
CORPORATE:
• KOZAL: Denied rumours in local media regarding its Gold mining operations in Alaska.
• MPARK: Disclosed that on December 13, 2023, shares with TRY 37K nominal value were repurchased within a price range of TL 131.20 - TL 139.50 (weighted average TL 134.48) per share on Istanbul Stock Exchange. As of December 13, 2023, total nominal value of repurchased shares have become TL 16,769,500 which represents 8.0608% of the share capital, following the transactions.
• NUGYO: Disclosed the purchase of 60 (sixty) independent units located in "Ödül İstanbul Project", for a total of TRY 331.9mn (including VAT) with a term payment plan. The contract shall also include granting purchase option right up to 30 (thirty) independent units in the same project

 
 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.