• The BIST100 close the first day of the week in an indecisive manner, opening positively, then turning red, but baiting investors into buying again, before closing the day on a loss of little more than 1% at 9566, and with a turnover of TRY 77bn.
• The losses were parallel to the risk-off mode in the global, due to the escalating tension in the Middle East, coupled with the rise in oil prices, that muted the short-lived joy of expected Fed rate cuts in September, after Powell’s Jackson Hole speech.
• The Banks managed to decouple positively from their peers but were not immune to profit -takings towards the close of the session, and marked a slight gain of 0.74%, while last week’s biggest gainers, Mining stocks, faced harsh profit-takings, and fell by nearly 5%, despite the rise in GOLD prices.
• KONTR-YKBNK-and SAHOL were yesterday’s biggest winners among the blue chips, whereas KRDMD was sold due to its poor financial results and was followed by KOZAL and BRSAN stocks. Looking at the broader picture, we saw the CEMENT stocks also perform well, while the small-cap stocks appeared to have been sold the most.
• As of print, the TRY is trading slightly over the 34 level at 34.02 against the USD, but weaker against the Euro at 38.05, while the DXY is flat at 100.83.
• The 2yr and 10yr rates both rose by 5bps and 7bps to 42.05% and 28.30%, respectively.
• On the Commodity front, Brent is lower this morning after yesterday’s sharp surge, falling by over a $1 to $80.20, and GOLD has also retreated to $2510.
• US Crude futures rose by 3% yesterday amid reports of a production halt in Libya, as well as the increased tension between Israel and Hezbollah across the Lebanon border. One of Libya’s rival governments announced oil production would shut down amid a dispute over who should lead the country’s central bank.
• The White House stated yesterday that the peace negotiations in the Middle East is continuing, and that progress was made in Gaza talks despite Israel-Hezbollah clashes.
• The World Health Organization stated that the M-Pox virus can be controlled and stopped.
• On the local front, the Real Consumer Confidence Level fell to its lowest level in 20mths to 98.5, while the Capacity Utilization Rate fell to 75.4 from 75.9.
• Germany’s Ifo index, continued its recent downward trend and dropped for the fourth consecutive month to 86.6 in August, from 87.0 in July.
AGENDA
• Last week’s CBRT MPC Summary Report will be disclosed, while Germany will disclose its GDP growth rate figures, and the US will release its Conference Board Consumer Confidence figures, as well as the Richmond Fed Industrial Index.
2Q2024 FINANCIAL RESULTS
• ENJSA: Disclosed a quarterly net profit of TRY 17mn vs TRY 1.81bn y/y, and that its 6mth net losses were TRY 2.97bn vs TRY 864mn profits y/y.
CORPORATE
• TELECOM: According to the Ekonomim website, ULAK Communications Inc. Which was established by Defense Industry Technologies Inc., disclosed that it has entered the test phase in 5g communications in Türkiye, and that regarding 6g, it will give individual patents to countries regarding its technology. Please note that ASELS has a 51% share in ULAK, thus we see a positive bias on the name today, as well as NETAS.
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.
Mornıng Report (Trive Yatırım Menkul Değerler )
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