Mornıng Report (Trive Yatırım Menkul Değerler )

 • The strong sell-offs continued for a 3rd straight day, with the BIST100 closing the day 0.82% lower at 7663, but on a very low turnover of just TRY 63.3bn, attributable to local investors cashing in their positions as Friday is the settlement due date, alongside the rising interest and fuel prices, coupled with the ongoing F-16 and Sweden NATO talks, and threat of sanctions from the US with regards to support for Hamas.
• The Banks managed to diverge positively from their peers, rising on average 1.60%, whereas the Energy stocks were the most sold, begging the question-will they be the go-to stocks for 2024? The Industrials also faced harsh selloffs, falling on average 1.70, and the fall in GOLD prices, with Fed officials stating that they are not in a rush to start cutting interest rates, was also the main contributor to the fall in the Mining stocks.
• GARAN-AKBNK and ENKAI (thanks to HSBC’s report), were the most bought blue-chips, whereas GUBRF-ASELS and HEKTS were the most sold.
• As of print, the TRY is trading flat at against both the USD and the Euro at 29.13 and 31.90, respectively, and the DXY is also flat at 102.20. The 5yr CDS rates will open from the 284 level.
• On the Bonds’ side, both the 2yr and the 10yr rates fell by 13bps each to 36.85% and 25.31%, respectively.
• On the Commodity side, the tension in the Red Sea has contribute to the rise in Brent prices to test above the $80 ticker but is currently trading flat this morning as of yesterday’s session close at $79.45, and both Ounce and Gram GOLD are also flat at $2036 and TRY 1907, respectively.
• Yesterday, the UK Inflation figures rose less than the consensus at 3.9% vs the estimated 4.3% figure, and last month’s reading of 4.6%, thus spurring expectations of a rate cut in the near future; traders expecting a total rate cut of 140bps by the BOE for 2024 and thus jolting the UK markets higher by a little over 1%.
• Speaking at the budget talks before parliament, Treasury and Finance Minister, Mr. Mehmet Simsek reiterated the economy team’s commitment to fighting inflation, and more importantly, stated that the Turkey will “reconsider” the rule that obliges exporters to convert 40% of their FX revenues to TRY, and accelerating exit from the KKM program. He also added that as of January, the rediscount credit limits will be raised sharply.
AGENDA:
• On the local front, the MPC will be convening, and the market expectation is for a 250bps rate hike in the policy rate to 42.50%, but besides the policy rate disclosure, the post-decision report will be more important towards the future roadplan of the CBRT regarding tightening measures, and the Weekly Banking and Change in Foreign STOCK/BOND Holdings.
• On the international front, the US will be disclosing the Weekly Jobless Claims Numbers, Annualized Quarterly GDP and the Conference Board Index.
CORPORATE:
• GLYHO: Disclosed that the number of calls at GPH`s ports in Nov 2023 was 36% higher than Nov 2022 level, while passenger movements at GPH ports in Nov 2023 standalone was 47% higher than Nov 2022 level. Average occupancy rate of the cruise ships visiting GPH's ports was 118% in Oct 2023.
• FONET: Disclosed signing an agreement with a hospital in Samsun worth TRY 23mn for 12mths.



 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.