Morning Report (Trive Yatırım Menkul Değerler )

BIST AMUSEMENT PARK
" It was quite the roller-coaster ride at the BIST, interchanging between red and green, akin to when we were kids laying stop-and go, but when all was said and done, the BIST continued Tuesday's selloffs to close 0.78%, and drifted farther away from the 10k level at 9905, with a turnover of TRY 84.4bn.
" As such, the BIST diverged negatively from its global peers, however, the Asian markets are trading mixed this morning, and the US Futures are hinting towards a red opening.
" The Banks and Transportation stocks faced profit-takings, falling by 0.71% and 0.76%, with the Industrials and Conglomerates declining by 0.52% and 0.23%, respectively. On the upside, the REITs managed to diverge slightly positively from their peers. The Telco's, parallel to the selloffs in the European markets, and were the worst performing stocks.
" As such, KCHOL-KOZAL and PETKM were yesterday's most bought blue-chips, whereas KONTR-OYAKC and TCELL were the most sold.
" After Tuesday's dismal quarterly release TKNSA shares bounced back after seeing near-bottom, TRY 27.66 to be precise, to close limit-up at TRY 33.08. We can attribute the bounce-back to the fact that investors believe it can't get any worse for the tech retailer, and according to the IR-investor relations presentation yesterday, the main cause for the large net loss can be attributed to the high financial expenses due to the high interest rates. However, as with many industrial and retail companies, a potential rate cut by the CBRT, will greatly alleviate the cost of expenses, and EBITDA margin should also improve in line with a drop in inflation and improve the company's OPEX. The company also revealed that credit card costs with high interest rates is still the main driver for higher financial costs. The tech retailer maintained its 2024 Guidance, which it announced in December 2023.
" As of print, the TRY is trading flat this morning at 33.93 against the USD, but stronger against the Euro at 37.81, while the DXY is hovering just above the 100 level, its lowest level this year.
" On the Bonds' front, both the 2yr and 10yr Bond yields fell by 17bps and 42bps to 42.25% and 28.53%, respectively.
" On the commodity front, Brent is trading slightly lower this morning at $75.58, while GOLD has retreated to $2500, after peaking yesterday at $2514.
" The Fed minutes yesterday pointed to "likely" rate cut in September. According to the Fed Minutes, "The vast majority" of participants at the July 30-31 meeting "observed that, if the data continued to come in about as expected, it would likely be appropriate to ease policy at the next meeting."
" Goldman Sachs disclosed yesterday that it expects the first rate cut from the CBRT in September but warned that Turkish residents have started buying dollars again, complicating the central bank's fight against one of the world's highest inflation rates and putting investors including Goldman Sachs Group Inc. on alert for erosion in the value of lira assets. Meanwhile, on the back of Tuesday's hawkish CBRT statement, Morgan Stanley expects the policy rate to remain unchanged at 50%.

AGENDA

" On the local front today, the Consumer Confidence and Net Change in Non-Resident STOCK/BOND Holdings will be released, whereas the Eurozone and the US will announce their PMI figures, as well as the US Weekly Jobless Claims numbers and Existing Home Sales figures.

2Q2024 FINANCIAL RESULTS
" BRISA: Disclosed a net profit of TRY 109mn, vs TRY 843mn y/y, thus bringing its 6mth net profits to TRY 758mn vs TRY 1.41bn y/y.
" KORDS: Disclosed a net loss of TRY 41.6mn, vs TRY 83mn net loss y/y. Thus, its 6mth net loss is at TRY 8mn from TRY 49mn y/y.
" MPARK: Disclosed a net profit of TRY 1.05bn, vs TRY 1.09bn y/y. Its 6mth net profits rose to TRY 1.79bn vs TRY 1.62bn y/y.


 
 Trive Yatırım Menkul Değerler A.Ş.
  https://www.trive.com.tr/

***
                        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.