Mornıng Trıve Report (Trive Yatırım Menkul Değerler )

The BIST closed the final day of the week before the long weekend on a gain of 0.78% at 9833, and with an acceptable turnover of TRY 85.9bn, thanks to the gains in the Industrial and Conglomerates, while the Banks lagged on a slight rise of 0.22%, and the Aviation stocks diverged negatively from its peers, while the Automotive stocks were the most bought.
BRSAN-SASA and FROTO and TOASO were the most bought, while OYAKC-BIMAS and PETKM were the most sold.
Please recall that the new taxi tender in Istanbul may have played an important part in the rise of TOASO shares.
Having a quick look into last week, the BIST100 rose by 1.71%, but fell on a monthly basis by 7.57%, while the BIST30 closed last week 1.93% higher, but down 6.58% on a monthly basis. We can attribute the losses mainly due to both internal noises, as well as the escalation in the Middle East-primarily, the spill over of the Israel-Hamas clash, into Lebanon.
On a sector basis, the Banks rose by 1.39% last week by fell by 6.01% m/m; the Conglomerates +1.96% w/w but -8.87% m/m, and the Industrials rose by 1.02% w/w, but fell by 7.93% m/m, while the Transportation stocks closed both weekly and monthly basis by +2.51% and +2.75% on a monthly basis, due to the subsiding of the M-Pox virus fears.
The TRY weakened by 0.29% on a weekly basis and by 2.84% m/m against the USD, and vs the Euro, strengthened by 1.04% last week, paring its monthly depreciation to 4.92%. The 2yr and 10yr Bond rates closed last week 0.24% and 1.03% higher to 42.10% and 28.52%, respectively.
Brent fell by 1.73% last week and 5.55% on a monthly basis due to both the ongoing peace talks in the Middle East, as well as forecasts of a fall in demand in China due to the switch to electrical vehicles, and due to the general slowdown in the economies, while GOLD fell slightly by 0.36% last week, but rose by 2.29% last month.
As of print, the TRY is trading flat against both the USD and the Euro at 34.08 and 37.65, respectively.
On the Commodity front, both Brent and GOLD are trading lower at $76.24 and $2497, respectively, especially Brent falling due to the slowdown in manufacturing.
 

 

AGENDA

 

The local agenda will kick-off with the PMI (Prev. +47.2), followed by the 2Q GDP figures (-0.7% q/q; +2.7% y/y) -The CPI figures (+2.29% M/M; +51.83% y/y); The REER; Net Change in Foreigners’ Weekly STOCK/BOND Holdings and end with the Cash Budget Balance.
On the International front, the US markets will be closed today in observance of Labour Day, but will disclose its PMI Mfg. figures-Foreign Trade Balance-Non-Farm Payroll and Unemployment figures, while the Eurozone will be disclosing it PMI Mfg.-Inflation and GDP Growth figures.
Please note that Fitch is expected to release its Türkiye Sovereign Ratings decision on Friday, which currently stands at B+ with a “Positive” Outlook, thus we may see positive movement especially among the Banks.
 

2Q2024 FINANCIAL RESULTS

SISE: Disclosed a quarterly net profit of TRY 2.38bn, and 6mth net profit of TRY 4.93bn vs TRY 10.66bn y/y.
ZOREN: Disclosed a quarterly net loss of TRY 1.31bn vs TRY -245mn y/y. Its 6 month net profits were TRY 2.5bn vs TRY 4.18bn y/y.
 

CORPORATE

CONSTRUCTION: According to local media, East Russia Infrastructure Development Minister, Alexey Chekunov, stated that Turkish construction firms are interested in building a satellite city near the strategically located Vladivostok. We may see ENKAI shares to be positively moved by this development due to their experience in the Russian market.
TKFEN: Disclosed that its construction subsidiary, Tekfen Construction, has won the tender for the EPC works of the " Package-16 MGSE III: Jeddah Cluster " pipeline project from Saudi Arabian Oil Company ("Saudi Aramco") in Saudi Arabia. The project is estimated to have a value of approximately 212 million USD. The project is expected to be completed within 40 months.
TOASO: According to media reports, 2500 new taxis will Istanbul, at the initial stage, which will be Application-Bases Taxi Transportation System.
DOAS will distribute gross TRY 10 dps share today.
 
 
 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.