Morning Report (Trive Yatırım Menkul Değerler )

BANKS SPOIL THE PARTY MOOD
" The BIST100 ended yesterday on a slight loss of 0.05% at 9717, but on a relatively low turnover of TRY 97bn, due to the sharp sales in the Banking stocks after the CBRT increased the interest rates on the RRR. Accordingly, the upper limit of the remuneration rate applied to the amount of required reserves that should be maintained for KKM accounts based on the renewal and Turkish lira conversion rate is set at 60% of the policy rate, and the upper limit of the remuneration rate applied to the amount of required reserves that should be maintained for Turkish lira deposits based on the Turkish lira conversion rate is set at 80% of the policy rate.
" As such, the Banks fell by 3.39%, consequently the only sector in the red yesterday, whereas the Energy and Conglomerates were the most bought.
" ARCLK-AKSEN and ENKAI were the most bought BIST30 stocks, whereas AKBNK-YKBNK and ISCTR, followed by ASELS, were the most sold.
" On the Bonds' side, the both the 2yr and 10yr rates fell by 46bps and 69bps to 44.89% and 28.17%, respectively.
" As of print, the TRY is trading weaker against the USD at 32.56, but slightly stronger against the Euro at 34.91, while the DXY has risen to 105.68.
" On the commodity front, Brent has risen to $88.04, ahead of today's critical Core PCE data, on expectations of a rate cut by the Fed to curtail the economic slowdown, whereas Ounce GOLD is trading flat this morning at $2336.
" The CBRT left the policy rate unchanged yesterday at 50%, thus in-line with the expectations.
" The US 1Q24 GDP growth rate grew much lower than expectations at 1.6% vs the estimated 2.4% and previous quarter's reading of 3.4%. The lower-than-expected growth rate triggered a buying frenzy in Gold prices amid speculations of a rate cut by the Fed to offset falling growth, as well as the drop in the PMI manufacturing figures earlier this week.
" According to Bloomberg, President Erdogan will meet with US President, Joe Biden during his US visit on May 9.
AGENDA
" There are no major local releases today, whereas the US will release the Core PCE figures today, as well as the Michigan Consumer Confidence numbers.
" ARCLK is expected to release its 1Q24 financials after the session today.
FINANCIAL RESULTS
" TAVHL: Disclosed its 1Q24 Financials yesterday. Accordingly, revenues rose 28% y/y to €321mn, while EBITDA rose by 97% to €86mn, and net profits rose to €9mn. Total passengers served rose by over 22% in 2024 vs 2023, of which domestic passengers grew by 16% to 7.79mn, and international passengers grew by 27% to 9.35mn. Of the airports served, Tunisia saw the highest percentage increase of 36%, while on the local side, Gazipasa/Alanya saw a growth of 29%.
CORPORATE NEWS
" KCAER: Disclsoed that it will increase its paid-in capital visa bonus issue vy 239% to TRY 2.23bn vs TRY 657.5mn
" ECILC: Disclosed that it will distribute gross TRY 1.18 dividends per share as of June 5th.

 
 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.