Morning Report (Trive Yatırım Menkul Değerler )

ANOTHER DARK RED CLOSE
" The BIST100 fell by a further 1.09% yesterday to 10,871 but on a lesser trading volume of TRY 97.7bn, once again led by the selloffs in the Banks and the Transportation stocks, whereas only the REITs and the Mining stocks managed a green closing. Like yesterday, the risk-off mode accelerated towards the end of the session, and panning out across the sectors, and as such, it appears, and perhaps correctly so, investors are opting to stay either in liquid or invest in less risky options, such as short-term bonds or relatively defensive currencies.
" The Banks fell by 2.39% and the Aviation stocks by 1.37%, while the losses among the Industrial and Conglomerates were at 0.95% and 0.80%, respectively. The REITs managed to rise by 0.25%, due to the expected acceleration in the Urbanization projects after the re-appointment of former Minister and Head of EKGYO, Mr. Murat Kurum, and the Mining shares also managed to extend on the previous day's gains by a further 0.21%.
" Today, we expect a positive opening at the BIST, parallel to the green trading in the international markets.
" TAVHL-EKGYO and ASELS were yesterday's best performing blue-chips, whereas HEKTS-TOASO and AKBNK, were the most sold.
" As of print, the TRY is trading weaker against both the USD and the Euro at 33.10 and 35.95, respectively, while the DXY has retreated slightly to 104.33. Both the 2yr and 10yr Bond rates rose by 6bps and 20bps to close yesterday at 42.28% and 28.17%, respectively.
" On the Commodity front, Brent is trading slightly higher this morning at $81.53, buoyed by yesterday's higher-than expected US GDP growth rate, and GOLD is also higher this morning, ahead of today's critical PCE figure at $2371, appearing to price-in friendly figures.
" JPMorgan increased its 2025 target price for GOLD to $2800 from $2500 and sees SILVER at $36/ounce.
" The US Economy grew higher than expectation at 2.8% vs 2%, perhaps explaining the drop in GOLD prices yesterday.
" The July Turkish Real Sector Confidence level fell to its lowest level of the year to 100.30, and the Capacity Utilization Rate dropped by 0.3% from last month to 75%.
" The German IFO Business Climate also fell surprisingly to 87, from the expected 89.
" Last week, Foreign Investors were net BUYERs of $124mn EQUITIES, but net SELLERs of $700mn BONDS.

AGENDA

" The Bloomberg July Economic Survey will be released on the home front, while the US PCE figure, the main inflation gauge, will be released today.

FINANCIAL RELEASES
" KLNMA: Disclosed a net profit of TRY 1.7bn in 2Q24 vs TRY 1.04bn in 2Q23.
" TURSG: Disclosed a net profit of TRY 3.07bn in 2Q24 vs TRY 2.38bn in 2Q23.
CORPORATE NEWS
" CANTE: Disclosed that regarding its operations in Venezuela, it has decided to terminate its partnerships and collaborations with Multiservicios Tomlam C.A. and Invenergia C.A. due to the risks of re-imposed sanctions and changed its strategy. In this context, in order to maintain the activities and operations in Venezuela more efficiently and economically and to avoid being affected by sanctions, it has been decided to continue its activities with Denarius Pumping Services LLC, which has an OFAC license, serves international organizations with 25 years of sector knowledge and has its own machinery and equipment park.
" TUPRS: Disclosed yesterday that its crude oil vessel, which

 
 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.