Mornıng Report (Trive Yatırım Menkul Değerler )

• The BIST closed Friday 0.78% higher at 7960, but on a low turnover of TRY 79.3bn, thus once again unable to stay above the 8k level.
• The gains at the BIST were spearheaded by the Banks and REITS, as well as the gains in the heavy-weight stocks, whereas the Transportation stocks diverged negatively from their peers, due to the fall in the TOASO shares.
• Thus, EREGL, GARAN, and ASELS-the latter due to President Erdogan’s remarks regarding mass production of the ASELFLIR-500 electro-optical reconnaissance, surveillance and targeting system, while the most sold blue-chip stocks were TOASO-KOZAA-and KOZAL.
• For the week, the BIST100 managed to once again close positively, adding to last week’s 1.06% gains by another 1.36%. The Banks picked up the momentum, rising on average 4.63%, while the Transportation stocks took a slight breather from last week’s immense gains of 9% by adding just 1.65% last week, and the Mining and Energy stocks took a wrong exit, and diverged negatively from the general traffic.
• Despite the MPC’s greater-than expected rate hike of 500bps, the TRY weakened by 0.62% against the USD, despite seeing briefly 28.64 after the decision was announced, and weakened by nearly 1% against the Euro. The 2yr and 10yr Bond yields rose by 1.11% and 0.78%, respectively.
• On the commodity front, despite the OPEC+ meeting being postponed from the 26th to the 30th, Brent managed to squeeze a slight 0.55% gain, and both ounce and gram GOLD prices also rose by 1.32% and 1.91%, respectively.
• As of Friday’s closing numbers, the TRY is trading a tad weaker against both the USD and the Euro at 28.90 and 31.65, respectively, and the DXY is at 103.36. The 2yr and 10yr Bond rates will open the new week from the 41.05% and 28.39%, respectively. The 5yr CDS rates will kick-off the new week from the 339 level.
• On the Commodity front, Brent has fallen below the $80 ticker to $79.83, whereas ounce and gram GOLD are trading higher at $2011 and TRY 1869, respectively-so we may keep an eye on the KOZAA group stocks today for movement.
• On Friday, ECB President Lagarde stated at the Bundesbank event in Frankfurt that the Battle against Inflation was not over, and thus urging calm, but also added “We are seeing progress on inflation…We’ve already done a lot on rates…The ECB now at a point where it can pause and assess the impact of tightening.
• On the home front, Finance Minister Mehmet Simsek stated that the normalization in monetary policy, exit from FX-protected lira deposits, also known as KKM, will be completed without need for any incentives. “Biggest incentive for these accounts is the tax exemption. We will make an assessment on that next year. Therefore, the exit process from KKM continues successfully.” Touching on the subject of İnflation Accounting, Mr. Simsek stated that inflation accounting won’t change Turkey Bank Taxation in 2024. He also added that there is no need for new capital increases at the State Banks.
• November Türkiye Capacity Utilization Rate rose by 0.6% to 78%.
AGENDA:
• On the local menu this week, is the Economic Confidence Level on Wednesday, alongside the Trade Balance, the GDY Growth Rate (BBGe: 0.8% qq/5.0 yy), followed by the Weekly Non-Resident Stock/Bond Holding, and ending with the PMI figures on Friday, as well as summary of last week’s MPC meeting.
• On the US front, the FOMC Minutes, Durable Goods Orders, and PMI will be released in the US and Europe, as well as the US GDP and Core PCE Price Index. The Eurozone will also disclose the Consumer Confidence Level and Germany will disclose it Growth Rate and PPI figures.
• Besides the non-macro news flows, the OPEC+ Meeting, Lagarde and Powell’s speech, as well as the NATO Foreign Ministers’ meeting on Tuesday will also be carefully watched.
CORPORATE:
• ALFAS: Disclosed that it expects its YE23 net profits to be TRY 1.5bn, and net profit margin at 23%.
• BIOEN: Disclosed that the government will give around $318mn support, which includes tax reductions and exemptions, qualified employee support and allocation of location for its Recycling project in Izmir.
• KONTR: Disclosed that its wholly owned subsidiary has received a $4.2mn order from a foreign client.
• POLHO: Disclosed that local constructing firm gave a presentation regarding development of its land in Pendik, Istanbul.
• According to the Official Gazette, an investigation has opened regarding the import of solar panels from 5 countries, such as Vietnam, Malesia, Thailand, Croatia and Jordan. According to media reports, the share of the imports rose to 97.8% from 56.3 from 2020-2023.

 
 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.