Morning Report (Trive Yatırım Menkul Değerler )

Full Steam Ahead
The BIST continued its uptrend trading momentum thanks to last week's soft inflation figures from the major markets, falling local CDS rates, and calm news flow.
As such, the BIST100 managed to close the day 1.18% higher at 7946, and with a relatively higher turnover of TRY 85.1bn, more than the usual 70s, however, we observed the BIST facing resistance at the 8000 level.
The Conglomerates were yesterday's best performing stocks, closing on average 2.09% higher, and the Mining stocks closed 1.93%, however, despite the sharp fall in the 5yr CDS rates to their lowest levels since April 19th, 2021, we would have expected a much better reaction from the Banks, increasing by a mere 1.04%, thus lagging the general index.
ASELS, ARCLK, and SAHOL took the gold-silver and bronze medals among the blue-chip stocks, whereas BIMAS-ALARK and FROTO were the most sold.
As of yesterday's session-closing numbers, the TRY is trading considerably weaker against both the USD and the Euro at 28.79, and 31.55, respectively, while the DXY is continuing to fall to 103.23. The 2yr Bond yields relaxed by 20bps to 40.52%, whereas it was a whole different story on the 10yr notes, rising by 138bps to 28.56%. The 5yr CDS rates will open today from the 341 level.
On the Commodity front, Brent has fallen to just above the $82 level, after trying to pare its recent losses, whereas ounce and gram GOLD are trading considerably higher at $1993 and TRY 1844, respectively.
Yesterday, the head of the Turkish Capital Boards Market stated that there were over 100 IPOs in the pipeline, and that they hope to list about 50 of them by the end of 2023.
The German Bundesbank warned that the economy will probably shrink in the fourth quarter, and that recovery will be arduous, even if there are some signs an improvement could come early next year.
According to the Financial Times, China is pushing state banks to accelerate funding for private property developers.
ECB'S Wunsch cautioned yesterday stated that bets of a rate cut from the Bank were actually hiking the risk of a possible rate hike.
On the local front, Bloomberg disclosed its interest rate expectations survey. Accordingly, the interest rates are expected to peak at 40%, and when a possible rate cut could occur was asked, the most popular answer surveyed was 4Q24.

AGENDA:
There are no major macro releases expected today, while our international audience will be tuning into the US October Durable Goods Orders, as well as Minutes from the FOMC Meeting, and listening to ECB President Christine Lagarde's speech today. Please note that our US colleagues will be absent on Thursday due to Thanksgiving.

CORPORATE:
SMART-Disclosed that it had started evaluating potential strategic and financial options from local and international firms.
ALFAS - It was announced that negotiations have begun to acquire a portion of the shares of a software company operating in the energy sector for $12.5 million. Alfa Kazan Energy applied for registration with the CMB to trade 11,039,999 shares on the Stock Exchange and announced that all funds transferred by Alfa Kazan Energy will be used in the interests of the company.
BVSAN - It was announced that Bülbüloğlu Steel, in which the company holds an 85% stake, received an order worth $413,000.
CWENE - It was announced that from the IPO funds, 862.0 million TL was used to strengthen working capital, 90.8 million TL for investment and modernization expenses, 135.5 million TL for expanding storage areas, 117.5 million TL for reducing financial costs, and 31.9 million TL for land purchases.
SOKE - It was announced that the entire payment of 4.3 million TL to Rudi's Organic and Gluten Free Brands was completed.
ZOREN - It was announced that the funds raised from the capital increase were used to offset due receivables with 1.4 million TL, to pay financial debts with 617.3 million TL, to pay commercial debts with 371.4 million TL, and to invest in energy and production distribution with 100 million TL.


 
 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.