Mornıng Report (Trive Yatırım Menkul Değerler )

TIME-OUT
" In-line with the mix mood in the global markets, the BIST took a time out from its recent strong performance to close on a slightly negative tone of 0.17% at 8094, and with a turnover of TRY 92.8bn, with the Banks facing profit-takings after yesterday's strong gains, and the Energy stocks falling by over 1% as well.
" However, parallel to the rise in GOLD prices, MINING shares closed the day on average 1.89% higher, and as we alluded to our ICM call yesterday, one might consider taking a closer look at KOZAL amid the rising GOLD prices on the back of expected rate cuts especially from the US front in 2024.
" BofA and Deutsche Bank both predict interest rate cuts in the US in 2024, and DB also expects a "mild recession," thus their justification for the 175bps rate cut, starting with a 50bps cut in June, 2024, while BofA expects a 25bps rate cut in June 2024.
" Looking at our BIST30 Advancers and Laggards list, SASA-HEKTS and ENKAI were the biggest advancers, whereas ALARK-ASELS and BIMAS faced the biggest retreats yesterday.
" As of yesterday's close, the TRY is trading flattish against the USD at 28.91, but weaker against the Euro at 31.81, while the DXY is lower at 102.63-due to the dovish rhetoric regarding Fed interest rate policies. On the Bonds' side, both the 2yr and 10yr yields retreated by 27bps and 91bps to 40.73% and 29.25%, respectively. The 5yr CDS rates, have risen slightly to 342.
" On the commodity front, Brent has leaped higher ahead of tomorrow's OPEC+ meeting, currently at $81.46, and ounce and gram GOLD are higher at $2044 and TRY 1900, respectively.
" Europe's largest asset management company, Amundi, stated that it has been impressed by the country's turnaround efforts since its mid-year elections, and while it is yet to go all in given the TRY's ongoing grind lower, they say they have taken the first step towards it by reversing long-held bets against the currency. The co-Head of EM Fixed Income, Mr. Sergei Strigo stated "We have started to cover our underweight in Turkish lira a few weeks ago," adding that the 500 basis-point interest rate hike to 40% in Turkey was "all very positive" and a sign of its seriousness in tackling its inflation problem. "We are not yet ready to increase the allocation (in the lira) but it is definitely on our radar screen."
" Perhaps one of the Fed most hawkish and outspoken presidents, Governor Christoper Waller, expressed yesterday his confidence that the policy to bring down inflation was in the right direction to get inflation back to 2%, and added that he could see a a point where the Fed might start lowering rates if inflation continues to ease over the next three to five months.
" The Economic Coordination Committee emphasized continued support for export companies and ease of financing, as well as production.
AGENDA:
" On the local front, the Economic Confidence Level and Foreign Trade figures will be disclosed, and the MPC Summary Notes from last week's MPC meeting, and Governor Erkan is expected to speak at the Istanbul Chamber of Commerce today.
" Overseas, the Eurozone Consumer and Economic Confidence Levels will be released, Germany will disclose its CPI figures, and the US will disclose its Wholesale and Retail Inventories, as well as its GDP, Core PCE Price Index and the Fed Beige Book.
CORPORATE:
" EUPWR: Disclosed that it had submitted the best bid by the Electricity General Management for Eskisehir tender at TRY 251.1mn
" KZBGY: Disclosed that its wholly-owned subsidiary Kızılbuk Kusgolu Gayrimenkul, signed a revenue sharing project for the development of 343,152 sqm in Susurluk, Balıkesir.

 
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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.