Morning Report (Trive Yatırım Menkul Değerler )

PAUSE
" The BIST pared yesterday's gains, falling by 0.72%, and once again closed below the 10k level at 9982, with a turnover of TRY 90.1bn, due to both the hawkish CBRT press release hinting at continued tight monetary policies, as well as the risk-off mode in the global markets.
" The Banks and Transportation stocks managed to diverge positively from their peers, closing 0.18% and 0.69%, respectively, while the Mining stocks were yesterday's best performing stocks after the transfer of the KOZAL group shares to the Sovereign Wealth Fund. After yesterday's sharp gains, the Energy stocks faced profit-takings, parallel also to the fall in Brent prices.
" Accordingly, KOZAL-GUBRF and PETKM were yesterday's best performing blue-chips, while TCELL-BIMAS and KONTR (yesterday's most bought), were the most sold.
" As of print, the TRY is trading a tad weaker against both the USD and the Euro at 33.90 and 37.69 respectively, while the DXY is flat this morning at 101.46.
" On the Bonds' front, the 2yr yields were flat at 42.32%, while the 10yr yields fell by 10bps to 28.65%.
" Ahead of today's FOMC Summary Minutes, both Brent and GOLD are trading flat at $76.63 and $2517, respectively.
" As expected, the CBRT left the policy rate unchanged at 50%, however, perhaps more important than the decision itself, the press release was more hawkish than perhaps anticipated in wake of the overhang on the industrial stocks, especially on the heels of MEGAP.TI declaring bankruptcy. As such, the CBRT remained cautious, and stuck to its tight monetary stance, leaving the policy rate unchanged for a 5th consecutive month. The Central Bank said it is increasingly focused on the alignment of inflation expectations and pricing with its own projections for the disinflation path. The bank added that the underlying trend of monthly inflation rose slightly in July but remained below its second quarter average. It repeated that it would maintain its tight monetary stance until "a significant and sustained decline in the underlying trend of monthly inflation is observed and expectations converge to the projected forecast range." "Monetary policy stance will be tightened in case a significant and persistent deterioration in inflation is foreseen."
" US Secretary of State, Anthony Blinken, left the Middle East without being able to broker a peace deal between Israel and Hamas.

AGENDA

" There are no major macro releases expected on the local side, while the US will be releasing the FOMC Summary Minutes.

2Q2024 FINANCIAL RESULTS
" AEFES: Disclosed a quarterly net income of TRY 3.96bn, vs TRY 5.96bn y/y.
" MGROS: Released a quarterly net income of TRY 604.32mn, below the market expectation of TRY 1.7bn, and raising its 6-month profits to TRY 1.95bn. It also updated its 2024 guidance. Accordingly, it has raised its sales revenues expectations to 10% from the previous high-single digits and expects EBITDA margin to be around 4.50-5%.
" TKNSA: Released a quarterly net loss of TRY 560.66mni thus raising its 6mth losses to TRY 663.34mn.


 
 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.