Morning Report (Trive Yatırım Menkul Değerler )

25BPS OR 50BPS?
" The BIST managed to pare Monday's losses, to close yesterday 1.89% higher at 9758, but once again on a low turnover of TRY 69bn.
" The rally was led by the Banks and Conglomerates, while the Industrial stocks lagged the pace of its peers, and the CEMENT stocks faced profit-takings.
" ENERY-due to its increased focus on GOLD mining, led the gains on the BIST100 side, and was followed by IZENR and GESAN shares, triggered by the Energy Minister's statements that Türkiye was a net energy importing nation, stating that Türkiye imports 2/3's of its energy needs from outside, and that they will invest in alternative sources. On the negative side, OBAMS was the most sold due the fire at its Sakarya factory over the weekend, which is responsible for 30% of its production, and estimated to be closed for 3-6 months, and was followed by KCAER and BTCIM stocks.
" As of print, the TRY is trading flat against both the USD and the Euro at 34.09 and 37.95 respectively, while the DXY is currently flat at 100.88.
" After its 2-day rise on the back of the Gulf of Mexico hurricane, and increased tension in the Middle East, oil prices are trading lower today, NYMEX due to the increased US oil stockpile, while Brent has retreated to $72.75, as of print.
" On the back of the 0.1% increase in US Retail figures, where the expectations were for a 0.2% decline, US interest rates increased, thus causing for the US markets to retreat from their new record highs, but also causing for GOLD prices to fall as well, as today's rate hike may not be as aggressive as speculated. Accordingly, ounce GOLD is trading cautious today at $2567, even retreating from its early-morning level of $2572.
" Local home sales rose in August by 9.9% to 134.15k, and while home prices rose by 34.3% on an annual rate, it fell by 11.6% in real terms.
" Fitch Upgraded 24 Turkish Banks on Sovereign Upgrade after its ratings upgrade for Türkiye to BB- from B+. Accordingly, the sovereign upgrade reflects improved external buffers evidenced by Turkiye's strengthened foreign-exchange (FX) reserves position, underpinned by reduced financial dollarisation and FX demand, capital inflows and increased access to external borrowing. Positive real interest rates, low current account deficits and the orderly and gradual decline in FX-protected deposits will likely support the durability of the improvement in external buffers. Also, Fitch added that the sovereign upgrade also considers Turkiye's reduced contingent liabilities, partly reflecting the decline in FX-protected deposits.

AGENDA

" There are no major macro releases expected today, where on the International side, Fed will kick-off this week's central bank policy rate meetings, and while a rate cut is all but certain, investors will be watching if the rate cut will be cautious at 25bps, or aggressive at 50bps?
" Besides the FOMC meeting, the Eurozone and the UK will be disclosing their inflation figures today.

2Q2024 FINANCIAL RESULTS
" MAVI: Disclosed a quarterly net profit of TRY 511.59mn vs TRY 738mn y/y, and its 1H24 net profits increased to TRY 1.55bn from TRY 1.19bn y/y.
" TRGYO: Disclosed a quarterly net loss of TRY 4.29bn vs net profit y/y of TRY 1.31bn. Accordingly, net losses in 1H24 accrued to TRY 3.17bn from net profit of TRY 3.07bn y/y.

CORPORATE
" GESAN: Disclosed that it gave the highest bid of TRY 788mn for the solar-power plant at Ankara University.

 
 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.