Mornıng Trıve report (Trive Yatırım Menkul Değerler )

BIST PRICES POSITIVES GOING FORWARD
" The BIST100 managed to close 1.14% higher yesterday to 10,165 and with a turnover of TRY 89.4bn, as investors appeared to be pricing-in Türkiye's potential removal from the FATF Grey list, as well as the potential ratings upgrades from the Credit Ratings Agencies, and perhaps also the "no news is good news" regarding the potential transaction-based tax rate.
" The Banks rose by 1.25%, while the Transportation stocks, thanks to PGSUS and FROTO, was the best performing sector, soaring by nearly 2%, while the REITS-ENERGY and the MINING stocks, lagged the benchmark.
" PGSUS-FROTO and AKSEN were yesterday's biggest advancers among the BIST30 stocks, while BIMAS-PETKM and SASA were the most sold.
" As of print, the TRY is trading a tad weaker against the USD at 32.31, compared to yesterday's session closing numbers, but has strengthened against the Euro to 34.89, while the DXY has risen to 104.83. Both the 2yr and 10yr Bond rates rose yesterday by 35bps and 4bps to 43.10% and 28.47%, respectively.
" On the commodity front, Brent is trading lower this morning at $82.08, as the US crude stockpiles rose unexpectedly last week, driven largely by a jump in imports, while fuel inventories also increased, according to the Energy Information Administration (EIA), while GOLD is trading lower at $2310, most likely on the back of yesterday's US FOMC meeting, hinting at just 1 rate cut for 2024.
" The FOMC left the interest rates unchanged yesterday at the 5.25%-5.50%, but the real surprise came when it revised its outlook for rate cuts to just one in 2024, versus the previous three. Federal Reserve Chair Jerome Powell noted at the press conference that the central bank does not yet have the confidence to cut rates, even as inflation has eased from its peak levels. The Fed officials forecast GDP and the unemployment rate to be at 2.1% and 4%, respectively for 2024, and increased the interest rate expectations to 2.8% from 2.6%. The PCE was also updated upwards to 2.6% from 2.4%. Looking at the dot-plot chart, 8 Fed Officials are expecting 2 rate cuts from the FOMC, while 4 officials do not expect any rate cuts. Looking at 2025, the expectations are for a total 100bps rate cut, frım the previous 75bps.
" Credit rating agency Fitch said on Wednesday that Turkish banks' foreign financing risks have decreased amid improved access to external financing, lower risk premiums and strong capital buffers. This was attributed to "increased confidence" after authorities reversed years of loose monetary policy after last year's general and presidential elections and delivered a series of interest rate hikes to combat inflation.
AGENDA

" On the local front today, the Home Sales Figures and Net Change in Non-Resident STOCK/BOND Holdings will be released, whereas our international colleagues will be monitoring the US Weekly Jobless Claims and Producer Price Index.

FINANCIAL RESULTS

" AYDEM: Disclosed 1Q24 net income of TRY 648mn vs TRY 1.25bn in 1Q23.
" BIMAS: Disclosed 1Q24 net income of TRY 3.88bn vs TRY 1.17bn in 1Q23.
" SELEC: Disclosed 1Q24 net income of TRY 247.8mn vs TRY 634.6mn in 1Q23.

CORPORATE NEWS

" KAREL: Disclosed that it has signed a 3 year service and set-up agreement with Vodafone Telecommunication, as well as the setting of fiber-optic lines for approximately TRY 5bn.
" ANHYT: Disclosed that gross premium production for the period for Jan-May 2024 on life branch amounting to TL 4.25bn, non-life branch amounting to TL 907.7mn and the overall premium production amounting to TL 4.25bn.
" HOROZ: Disclosed that it has sold 48% stake in its subsidiary Horoz Bollore Logistics to the French Bollore Logistics for $16.26mn.

 
 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.