Morning Report (Trive Yatırım Menkul Değerler )

BIST MANAGES FLAT CLOSE AFTER ROLLER-COASTER TRADING
" The BIST100 closed slightly lower yesterday to 11,134, a minor retreat of 0.05%, and on a turnover of TRY 98.8bn, seeing green briefly after Waller's statements about Fed rate cuts. However, the higher-than-expected inflation rates from the UK, thus the likelihood that the BOE will postpone rate cuts, and the sell-offs in the technology stocks, falling by 4.4%, with the Dutch semiconductor company, ASML, leading the sell-offs, dropping by 11%, despite its positive 2Q24 financials, on the back of reports of tighter export restrictions from the US, caused for the red closing in the European markets.
" U.K. inflation came in at 2% on an annual basis in June, which was slightly higher than the forecast 1.9%, but in line with May's 2% reading and the Bank of England's target rate.
" The Banks saw profit-takings yesterday, falling by 0.70%, while the Industrial stocks closed slightly higher, and the Conglomerates slightly lower. However, the REITs are continuing to trend positively amid accelerated Urbanization projects, and the Tuesday's biggest gainers, "The Mining" stocks also fell victim to profit-takings, losing 1.73% in their glitter.
" EKGYO-KRDMD and BIMAS were yesterday's most bought BIST30 stocks, whereas KOZAA-ODAS and TOASO were the most sold.
" As of print, the TRY is trading flat against the USD at 33.10, but is trading weaker against the Euro at 36.32, an increase in the eur/usd parity is positive for local export companies, while the DXY is calm at 103.79. The 2yr and 10yr rates also continued to rise, closing 92bps and 39bps higher to 41.69% and 27.96%, respectively.
" Brent is trading higher this morning at $84.61, due to the wildfires erupting in Canada's crude oil production sites, already causing for a cut in oil production at some sites and threatening more than 400k bpd of Canada's oil production per reports, as well as the drop in US oil inventories. Meanwhile, GOLD prices are trading higher this morning at $2468.
" Fed Governor Christopher Waller spoke parallel with his peers yesterday, stating that while it is unlikely for the FOMC to cut rates this month, there is a stronger likelihood of a move in September.
" Home Sales in Türkiye fell by 5.2% on an annual basis to 79,313 and fell by 3.7% in the first half of 2024. Meanwhile, Home prices rose by 1.3% on a nominal basis, but fell by 14.9% when adjusted for inflation.
" Deutsche Bank strategist, Hans-Christian Wietoska, stated that Türkiye is likely to see strong disinflation over the coming months and a rebalancing of the economy without a hard landing. He added that they see inflation at around 40% by year-end due to slowing domestic demand, base effects and the recent stability of the lira, while getting to the next stage of 20% was the key question, and that it will be critical for the central bank to maintain a tight monetary stance to achieve this target, whereas the 40% level will be more or less done by the end of the year.

AGENDA

" There are no major macro releases expected on the home front, while the ECB policy rate will be disclosed, followed by ECB President, Christine Lagarde's speech. The US will be releasing the Weekly Jobless Claims Numbers, Philadelphia Fed Manufacturing Index and the Conference Board Leading Economic Index.

CORPORATE NEWS
" KOZAA: Disclosed a 1Q24 net loss of TRY 313mn vs a net loss of TRY 292mn in 1Q23.
" OTKAR: Disclosed that its Incentive Implementation and Foreign Capital was approved and extended to 14.07.2026 with an amount of TRY 1.34bn.
" HTTBT: Disclosed that Haitian Sunrise Airways has started using Hitit's systems as of July 17, 2024, for passenger service systems, schedule planning, and accounting and cargo solutions for five years.
" EUREN: Disclosed that it will increase its paid-in capital by 194% to TRY 2.24bn from TRY 760mn.

 
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