Morning Report (Trive Yatırım Menkul Değerler )

BANKS TO THE RESCUE
" The BIST needed some "outside" help yesterday, and BOFA's positive Banking report was just the right spark it needed to ignite a buying frenzy, lifting the gauge 1.17% higher to 10,173, peaking at 10,273, but failing to close above the 10,200-resistance level, with a turnover of TRY 103.7bn.
" As such, the Banks spearheaded the gains, rising on average 2.47%, and followed by the 2.07% gains in the Conglomerates, whereas the REITs fell by 0.81% and the Transportation stocks fell by 0.73%.
" BIMAS-SASA and GARAN were yesterday's most bought blue-chips, whereas EKGYO-ENKAI and ASELS found themselves on the wrong end of the spectrum. The losses at EKGYO have aggregated to 12% in just 2 days.
" As of print, the TRY is trading flat against both the USDD and the Euro at 32.29 and 34.98, respectively, whereas the DXY has dropped to below the 105 level to 104.95.
" On the Bond's side, the 2yr and 10yr yields both retreated 27bps and 19bps to 42.60% and 27.24%, respectively.
" Looking now at the Commodities, Brent is trading higher this morning at $82.64, dropping yesterday after OPEC maintained its global demand forecasts, while GOLD is lower at $2357, ahead of today's critical US CPI figures.
" Speaking at a banking event in Amsterdam, Federal Reserve Chair Jerome Powell said that the central bank is unlikely to raise its key interest rate in response to signs of stubborn inflation. He also stressed that the Fed's preferred approach was to keep its benchmark rate at its current two-decade high rather than increase it. Powell added that the US economy had been "performing very well lately" but the first months of 2024 had been notable for the "lack of progress" when it came to bringing inflation down to the central bank's 2 per cent target. He stated that he expected inflation "will move back down on a monthly basis to levels that were more like the lower readings we were having last year" but "my confidence in that is not as high as it was". He added the Fed needed to be "patient and let restrictive policy do its work".
" Cleveland Fed President, Loretta Mester, advocated yesterday for the Fed not to rush to change rates, stating Fed in "Really Good Place" to study economy before charting rate path.
" On the local side, speaking at the Qatar Economic Forum, CBRT Governor, Fatih Karahan, stated that they were ready to lower inflation, and that they were aware of the upside risks factors on inflation. He stated, regarding inflation forecasts, they were estimating 38%, compared to the market's 44% year-end rate, adding that inflation will begin to fall in the second half of the year.
" The MSCI updated its quarterly Index addition/deleted list yesterday. While it did not add/delete any new Turkish blue-chips to it main list, it added AGHOL-BJKAS-JANTS and KSTUR to its small cap index, while removing BIENY-IZENR-KAYSE-PEKGY and QUAGR.

AGENDA

" On the local front, the Central Gov't Budget Balance will be released, while on the international side, the US Consumer Price Index will be carefully monitored after yesterday's PPI figures, and may cause for heightened volatility in the markets, whereas the Eurozone will be releasing the GDP figures and Industrial Production.

FINANCIAL RESULTS

" AKSA: Disclosed 1Q24 net profit of TRY 675mn vs TRY 335mn y/y, and EBITDA of TRY 1.26bn vs TRY 1bn y/y.
" YYLGD: Disclosed 1Q24 net profit of TRY 403mn vs TRY 351mn y/y. EBITDA, however fell by 36% to TRY 358mn from TRY 555mn y/y.

CORPORATE NEWS

" PGSUS: Disclosed its April passenger figures. According, on a monthly basis, total passenger count rose by 22% y/y to 2.92mn from 2.39mn, and Jan-Apr 2024 rose by 27% compared to the same period last year to 10.99mn from 8.67mn. Domestic passenger count rose by 37% to 1.13mn from 0.83mn in April, and to 4.31mn from 3.40mn for Jan-Apr. 2024, while International passenger count rose by 14% to 1.79mn from 1.56mn for April, and by 27% cumulative to 6.67mn from 5.27mn.
" EKGYO: Disclosed that a protocol was signed between the Company and the Ministry of Environment, Urbanization and Climate Change (Infrastructure and Urban Transformation Services Administration) regarding the purchase of 1.615 units with a 231.136 m2 total area over the price of 11,514,186,629 TL (VAT excluded), within the framework of İstanbul Fikirtepe Urban Transformation Project which is owned and operated by the Administration.
" AGESA: Disclosed that its premium generation rose by 103% Jan-Apr 2024 to TRY
" NETAS: Disclosed it signed a $6.2mn order from TTKOM.

 
 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.