Mornıng Report(Trive Yatırım Menkul Değerler )

• The BIST100 managed to end its long-run losing streak, closing the day 0.53% higher at 10,051, but realizing profit-takings towards the close of the session, with a turnover of TRY 92.6bn, led by the 3.15% gains in the Banks, thus diverging positively from its European peers, who are still trying to come to terms with the rise of the far-right parties in the EU Parliament votes.
• The gains were triggered on the back of a local media source stating that the transaction-based tax rate has been shelved, thanks to President Erdogan’s intervention, though no official statement from the main source on the matter has been disclosed.
• The Transportation stocks surged by 1.62%, thanks to PGSUS’s passenger figures, and the Conglomerates closed 0.57% higher, whereas the Industrials decoupled negatively from its peers, falling by nearly 1%.
• PGSUS-YKBNK-and BIMAS were yesterday’s biggest advancers among the BIST30 stocks, while PETKM-HEKTS and ASELS were the most sold.
• As of print, the TRY is trading a tad weaker against the USD at 32.38, but flat against the Euro at 34.77, while the DXY is slightly higher this morning at 105.30.
• On the commodity front, Brent is trading higher this morning at $82.15, thus managing to pare last week’s losses, thanks to the anticipated high demand over the summer months, while GOLD is flat ahead of today’s critical FOMC meeting at $2313.
• We may see the BIST pare yesterday’s gains as investors would not want to bear the high carrying cost of their credit positions, as well as today’s inflation figures and FOMC meeting accompanied with the much-anticipated dot-plot chart and Powell’s post-rate decision speech.
• According to media reports, the EU is expected to hit Chinese electric cars-some 25%-30% rate, due to what it says are excessive subsidies, enabling China to sell their vehicles at “artificially low prices.”
• The World Bank reduced its 2024 Türkiye growth rate to 3% from 3.1%, while increasing the global growth rate for 2024 to 2.6% from 2.4% and reducing Türkiye’s growth rate for 2025 to 3.6% from 3.9% and to 2.7% from 4.3% for 2026, due to the tightening monetary policies, which are expected to constrain growth.
• The Retail growth rate for April grew by 10.2%, but its slowest rate in 1.5 years, or since July 2023.

AGENDA

• There are no major macro releases on the local front, whereas all eyes will be on, first the US Inflation figures, and then the FOMC-dot plot chart showing the expected rate decisions by the Fed Officials, and Chairman Jerome Powell’s speech after the markets close.

FINANCIAL RESULTS

• KCAER: 1Q24 net income was TRY 95.6mn vs TRY 103.5mn y/y.
• KAREL: 1Q24 net income was TRY -111.5mn vs TRY 55.3mn y/y.
• KLGYO: 1Q24 net income was TRY 270.1mn vs TRY -409.9mn y/y.
• VKGYO: 1Q24 net income was TRY -411.5mn vs TRY -403.95mn y/y.

CORPORATE NEWS

• ASELS: Disclosed that it signed a $110mn contract with the Turkish Aerospace Industries (TUSAS).
• KONTR: Disclosed that a Memorandum of Understanding (MoU) was signed on June 11, 2024, between Kontrolmatik and Mediterra Capital Management Limited (Mediterra) regarding an investment of 88.1% for its subsidiary, Pomega Enerji Depolama Teknoloji A.Ş. (Pomega), with a valuation of $500mn. The agreement specifies: i) An investment of $25mn by Mediterra Capital Partners III, L.P. ii) An investment of $15mn by Mediterra's co-investors. This totals an investment of $40mn in exchange for 8% of Pomega's shares to be transferred to Mediterra Capital Partners III, L.P. and Mediterra's co-investors

 
 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.