Morning Report (Trive Yatırım Menkul Değerler )

BIST REBOUNDS AFTER SEEING NEW RECORD HIGH
" The BIST100 opened the new week on a gain of 0.67% at its new record closure 11,139, and turnover of TRY 101.2bn, but realizing profit-takings peaking at 11,188, thus diverging positively from its European peers, while the US markets rallied higher.
" The gains were led by the Banks, ahead of Friday's Moody's decision, and supported by the REITs, while besides the flat trading in the Energy stocks, the gains among the remaining sectors was fairly evenly distributed.
" The accelerated buying appetite hit the brakes, and we saw some profit-takings ensue after the unveiling of the drafted new tax proposals, which saw the minimum net pension lifted to TRY 12,500 from the current TRY 10,000 level, a minimum 15% corporate tax will be imposed on multinational companies that have more than 750 million euros ($817.58 million) in annual consolidated revenue, and the bill also imposed a 10% minimum corporate tax for local companies. The plan also raises corporate tax for companies that run public-private partnership projects, including new bridges and highways, to 30% from 25%. REITs will be exempt from corporate tax if they distribute 50% of their net profits in dividends.
" Yesterday, AKSEN-ISCTR and EREGL were the most bought BIST30 stocks, whereas TOASO-TCELL and TUPRS, found themselves on the wrong end of the spectrum.
" As of print, the TRY is trading flat against the USD at 33.08, but weaker against the Euro at 36.11, while the DXY has retreated slightly to 104.22. The 2yr and 10yr Bon rates increased by 63bps and 15bps to 41.31% and 27.85%, respectively.
" On the Commodity front, Brent is trading lower at $82.96, while GOLD, priced by the likelihood of a Trump Triumph and rate cut optimism from the US, is continuing its ascend, currently at $2470.
" Trump disclosed yesterday that he is considering JP Morgan CEO as the next Treasury Secretary but will not try ousting Fed Chair Jerome Powell before his term ends.
" Federal Reserve Governor Adriana Kugler expressed cautious optimism that inflation is returning to the U.S. central bank's 2% target, with goods, services and now housing contributing to easing price pressures. "If economic conditions continue to evolve in this favourable manner with more rapid disinflation, as evidenced in the inflation data of the past three months, and employment softening but remaining resilient, as seen in the past few jobs reports, I anticipate that it will be appropriate to begin easing monetary policy later this year."
" Now turning our eyes onto the local side, the June Budget Balance posted a deficit of TRY 275.3bn, and The IMF increased its Türkiye growth rate for 2024 to 3.6% from 3.1%, and 2.7% for 2025.

AGENDA

" House Price Index and Home Sales Figures will be released on the local side, while on the international side, The Eurozone will be announcing its CPI figures, one day before the ECB meeting, and the US will disclose the June Housing Permits, and Industrial Production figures.
CORPORATE NEWS

" DESA: Disclosed that it will increase its paid-in capital by 100% to TRY 490mn from TRY 245mn via bonus issue.
" EKGYO: Disclosed its 1H24 Sales Figures. Accordingly, sales reached a total of TRY 13.062.018.788 (excluding VAT) sales value between the dates of 1 January- 30 June 2024 in return for the sales of 161.550 sqm gross sellable area of 1.254 units. A Total of TRY 822.678.516 (excluding V.A.T.) sales in return for 58 units of total sales figures were sold to foreign citizens.
" BIMAS: Will distribute its first dividend instalment today at TRY 2.00/share.
" BVSAN: Disclosed that it signed a €1.2mn agreement to build and export 48 cranes.

 
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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.