Morning Report (Trive Yatırım Menkul Değerler )

NOT PRETTY-BUT A WIN IS A WIN
" The BIST managed to extend the previous day's gains yesterday as well, albeit facing profit-takings, and on lower turnover of just TRY66.1bn, due to tomorrow's long-weekend ahead of August 30th victory Day and rising by 0.09% to 9757.
" The negative closing in the US markets have spilled over to the Asian markets today, especially in Korea and Taiwan markets, due to the selloffs in the Technology stocks after NVIDIA's 3Q24 revenue guidance failed to please investors, causing for the stock to bleed 8% after the markets closed. Today, despite the Dow Jones trading in the green, the NASDAQ and S&P500 Futures are indicating a red opening.
" The Transportation stocks were yesterday's biggest risers, while the Banks fell by nearly 1%, and both the Industrial and Conglomerates, closed a little over quarter percent higher.
" ENKAI-PGSUS and OYAKC were yesterday's biggest upwards movers on the blue chips, whereas SAHOL-KOZAL and YKBNK were the most sold.
" As of print, the TRY is trading weaker against both the USD and the Euro at 34.15 and 38.02, respectively, while the DXY is hovering just below the 101 level.
" Both the 2yr and 10yr rates edged slightly higher yesterday by 2bps and 6bps to 42.18% and 28.47%, respectively.
" On the Commodity front, Brent is trading slightly higher this morning at $77.72, on the back of Reuter's report that Libya's eastern government has closed another oil field due to the spat between the Central Bank, and after yesterday's retreat, ounce GOLD is once again trading higher this morning at $2517.
" The IMF published its Fourth Article Consultation Report on Türkiye yesterday. Accordingly, it has recognized Türkiye's effective policy changes. It expects GDP growth and inflation to slow this year and next. It predicts that tight monetary and fiscal policies will suppress domestic demand, with growth expected to be around 3.4% in 2024, but despite a positive base effect, annual inflation is projected to be around 43% by the end of December. Growth is expected to moderate to 2.7% in 2025, with inflation decreasing to around 24%.
" Türkiye's Trade Deficit fell by 41.8% y/y to $7.295bn from $12.532bn.
" Deutsche Bank dislcosed yesterday that despite the weaking in August, it is still "long" in the TRY.
" SISE is expected to release its financials today after the markets close.


AGENDA

" On the local front, the Economic Confidence and Net Change in Foreigners' net STOCK/BOND Holdings will be disclosed, while the US will release its GDP-Wholesale Figures-Weekly Jobless Claims Figures, and Pending Home Sales, while our colleagues in the Eurozone will disclose their Confidence Levels, while Germany will be all eyes and ears on their CPI figures.
" Turkish Foreign Minister, Hakan Fidan will attend the non-formal EU Ministers' meeting in Brussels.
" Please note that the BIST will be closed tomorrow in observance of Victory Day.

2Q2024 FINANCIAL RESULTS
" DOAS: Disclosed a quarterly net income of TRY 1.99bn, and 6mth net income of TRY 5.22bn from TRY 12.44bn y/y.
" SAHOL: Disclosed a quarterly net loss of TRY 1.81bn, much less than the expected TRY 4.01bn level, and 6mth net loss of TRY 7.6bn vs TRY 10.81bn net profit y/y. The EBITDA also nearly halved to TRY 37.93bn from TRY 69.15bn y/y.
" PETKM: Disclosed a quarterly net profit of TRY 1.69bn, vs net loss of TRY 2.29bn y/y, and 6mth net profits improved to TRY 2.63bn from TRY 5.87bn loss.

CORPORATE
" TOASO: According to media reports, the government is planning to increase the taxi count by 73% to 31k from 18k level to tackle the shortage and mute passenger complaint. We deem this new to be positive onto TOASO shares as their vehicles are most served as taxis.


 
 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.