Morning Report(Trive Yatırım Menkul Değerler )

LAST MINUTE REBOUND PARES HEAVY LOSSES
" The BIST100 pared rebounded from its early sell-offs from 10,669 level, closing flat at 10,768, and on a turnover of TRY 972bn, after President Erdogan stated, due to the 180 degrees in policy shift from low-interest rates to high interest rates, that he did not change his mind, by saying ""I believe low interest rates trigger lower inflation and high interest rates trigger higher inflation," thus hinting at possible rate cuts later in the year.
" The Banks and the Mining stocks were the only major sectors managing to close in the green, whereas the Transportation stocks lost on average 1.51% in value, followed by the 1.20% retreat in the Service stocks, while the Conglomerates fell by 0.70%.
" TOASO-SASA and GARAN were yesterday's biggest gainers among the BIST30 stocks, whereas SAHO-BIMAS and ARCLK were the most sold.
" As of print, the TRY is trading flat against both the USD and the Euro at 32.94 and 35.37, respectively, while the DXY has retreated to 105.42. The 2yr bond rates closed 88bps lower yesterday to 42.03%, whereas the 10yr rates fell by 13bps to close at 28.65%.
" On the Commodity front, Brent is trading flat at $85.20, ahead of Friday's US PCE data, while GOLD is lower at $2328.
" Yesterday, the Treasury and Finance Minister, Mr. Mehmet Simsek met with the opposition party delegation. Deputy Chair of the CHP, Mr. Yalcin Karatepe, said after the meeting, that ""We conveyed our demands and views under four main headings. These include a mid-year increase in the minimum wage, a significant boost to pension payments, updates to agricultural subsidies and the pricing of agricultural products and addressing inequities in the tax system. He also added that ""I did not get the impression that there would be an increase in the minimum wage."
" Regarding the macro releases yesterday, the Real Sector Confidence Level fell by 2.6pts to 102.8 from 105.4 month/month, while the June Capacity Utilization Rate remained unchanged at 76.3 but fell by 0.4pts to 76.2 when seasonally adjusted.
" San Francisco Fed President, Mary Daly said yesterday the Fed must ""exhibit care" as it aims to finish the job of bringing inflation under control," noting the rising unemployment is increasingly a risk.

AGENDA

" On the domestic side, the House Price Index will be disclosed, whereas on the global front, the US will be releasing the Conference Board Consumer Confidence Level.
FINANCIAL RESULTS

" LKMNH: Disclosed a 1Q24 net income of TRY 75mn vs TRY 23.8mn in 1Q23.


CORPORATE NEWS

" AEFES: According to media reports, a VAT tax rate of 17%-25% is expected on Alcoholic beverages as of July 3rd, 2024. This expected tax hike may spur consumers to bulk buy their alcoholic beverages, thus creating a "foam" in their 2Q24 financials.
" BIOEN: Disclosed that it sold 10% of its shares to UK-based Freepoint Ecosystems International of the Company's post-transaction share capital. The proceeds to be obtained from this partnership is planned to be used for the plastic upcycling project, which is currently being developed by the Company in Aliağa district of İzmir province which is expected to have an annual production capacity of 55 thousand tons when completed. The parties aim to develop similar projects in the Balkans, the Middle East, etc., and foresee the total production capacity planned to be reached as 250 thousand tons per year.
" CIMSA: Disclosed that it signed a loan agreement with the European Bank for Reconstruction and Development (EBRD) on 24 June 2024 for a total of 25 million Euros with a 5-year maturity, including a 2-year grace period for principal repayment. The proceeds from the loan will be used to finance its solar power plant, waste heat recovery plant and in other energy and efficiency investments in the Eskişehir plant within the target to achieve net-zero emissions in greenhouse gas emissions by 2050.
" KATMR: Disclosed that it sold its unused plant and lot in Ankara for TRY 175mn.
" KRVGD: Disclosed that the second line at its Polish subsidiary's jelly was completed, and operational, with an initial capacity of 10k tons/year, and revenue contribution of $35mn when fully operational.


 
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