CALM DOWN
" Parallel to the risk-off mode in the global markets due to the negative macro releases from the US, the BIST closed yesterday on a loss of 0.37% at 9985, and with a low turnover of TRY 74.5bn, however, managing to pare most of its losses towards the end of the session, after seeing its low at 9879, or from the $290 gap level.
" Besides the Dow Jones, the US markets once again suffered deep losses yesterday, due to the employment nightmare creeping back in, as the JOLTS job opening data rose less-than expected, and fell to its lowest level since 2021, thus igniting speculation of a larger-than expected rate cut phase from the Fed, coupled also with the Beige Book revealing economic activity falling in more districts.
" Despite the mainly negative trading in the Asian markets and negative US Futures, we believe the BIST will diverge positively due to its unique local dynamics this week, mainly tomorrow's Fitch Ratings decision, as well as the likely rate cut from the CBRT, which are beginning to already being priced-in the rate-sensitive sectors, such as the REITs and CEMENT stocks at the forefront.
" As such, yesterday the Banks and REITs managed to diverge positively from their peers, the Banks closed 0.51% higher ahead of tomorrow's Fitch credit rating decision, and the REITs closed 1% higher due to the reasons we mentioned at yesterday's daily, those being the expected rate cuts that would lower consumer home loans and increase home purchases, as well as the aiding the Urban Transformation process.
" Following BRSAN, who once again topped the BIST30 most bought blue chip listings, EKGYO came in second on a rise of 1.84% and SAHOL came in 3rd to claim the bronze, whereas OYAKC's subpar financials anchored it at the bottom of the BIST30 listings and was followed by KOZAL and ASTOR shares.
" As of print, the TRY is trading flat against the USD at 34.03, but slightly weaker against the Euro at 37.70, while the DXY has retreated to 101.28.
" On the Bonds' side, whereas the 2yr rates fell by 118bps to 40.87%, the 10yr rates rose by 33bps to 28.82%.
" Due to concerns regarding global demand, Brent is continuing to bleed fuel, thus may cause for the OPEC+ members to postpone its production increase at its next meeting, and as of print, is trading a notch higher at $72.78, while ounce GOLD is flat at $2495.
" The Real Effective Exchange Rate fell by 0.63% in August to 62.34.
" Türkiye and Egypt signed multiple agreements, aiming to boost bilateral trade to $15 billion, and signed 17 agreements covering defence, energy, tourism, health, education, and culture. As of lately, more and more Turkish companies have started to cover the Egyptian market, as well as even shifting their production. As such, Egypt aims to attract $1 billion worth of Turkish capital by 2026 in various sectors, including garments, household appliances and electricity. Currently, the total volume of Turkish investment in the Egyptian market exceeds $3 billion through 1,700 companies, according to the latest data published by the Egyptian Ministry of Industry and Trade. In addition to increasing Turkish capital, Cairo is also seeking to increase trade relations with Ankara by 15% in the current and next year to reach 7.2 billion dollars, up from 6.3 billion dollars by the end of 2023.
" According to Turkish White Good Manufacturers Association data, production rose 15%, and while domestic sales increased 3%, exports rose 14% and imports increased by 66% y/y in July among the 6 main product groups.
AGENDA
" On the local front today, details of the Medium-Term Economic Program will be disclosed, as well as the Net Change in Non-Resident STOCK/BOND Holdings, while our international colleagues will be monitoring the US ADP-PMI-ISM and Weekly Jobless Claims numbers.
2Q2024 FINANCIAL RESULTS
" LKMNH: Disclosed a quarterly net profit of TRY 34.8mn vs TRY -7.1mn y/y, and 6 month net profits of TRY 116.1mn vs TRY 58.3mn y/y.
CORPORATE
" EBEBK: Disclosed that in August, number of visitors to ebebek stores in August 2024 increased by 4% to 4.12mn. In the same period of 2023, this number was 3.94mn. The number of visitors to ebebek stores in the first 8 months of 2024 was 33.17mn vs 31.1mn y/y. The number of visitors to ebebek.com website in August 2024 was 10.46mn vs 10.69mn y/y, and the of visitors to ebebek.com website in Jan.-Aug2024 was 86.06mn vs. 87.37mn.
" MGROS: Disclsoed that in August, 35 new stores (17 Migros, 10 Migros Jet, 3 Macrocenter and 5 Mion cosmetic stores) and 2 distribution centers were opened. The total number of stores is 3,537 as of 31 August 2024.
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.