Mornıng Trıve Report (Trive Yatırım Menkul Değerler )

The BIST100 closed Friday on a negative tone, accelerating towards the close, and finishing the day on a loss of 2.55% at 9668, with a low turnover of TRY 77.9bn, due to media reports that the Treasury and Finance Minister, Mr. Mehmet Simsek will resign, which was later denied Friday night by himself, despite Fed President Jerome Powell’s dovish speech, which had a positive impact on the markets.
The losses were fairly uniform across the board, with the Banks closing 2.90% lower, and the Conglomerates and Industrials falling by 3.13% and 2.90%, with only the Transportation stocks faring better than their peers, due to the slightly positive close in THYAO.
Only THYAO managed to close in the green among the BIST30 stocks, followed by the slightly losses in DOAS and TCELL, while GURBF-SASA and SAHOL were the most sold.
For the week, the BIST100 closed 1.57% lower due to media speculations, the negative impact of the inflation accounting on the industrial stocks, and lack of any new catalysts. The Banks managed to diverge positively from the mainstream after their recent lag, while the Conglomerates fell by 1.61%, and the Industrials retreated by 2.01%. The Transports were flat, compared to their peers, while the Mining stocks rose by over 7% after the transfer of KOZAL group shares to the Sovereign Wealth Fund.
The TRY depreciated by 0.87% against the USD, but by 2.39% against the Euro, while on the Bonds’ front, the 2yr rates closed 0.76% lower to 42%, and the 10yr rates fell faster by 1.60% to 28.23%.
On the Commodity front, the continuous talks to set a ceasefire in the Middle East was the main cause of the 1% fall in Brent prices, however, the recent contagion into Lebanon is paring those losses in the new week, and ounce GOLD prices rose by 0.19%
As of print, the TRY is trading flat against both the USD and the Euro at 34 and 38.03, respectively, and the DXY is flat at 102.72 retreating after Powell’s speech on Friday.
On the Bonds’ front, both the 2yr and 10yr Bond yields fell by 12bps and 17bps to 42.13% and 28.36%, respectively.
On the commodity front, Brent is trading higher this morning due to the escalation of tension in the Middle East, on the back of Lebanon’s active entry into the chaos at $78.60, while GOLD has retreated after Friday’s surge to $2510.
In his highly anticipated keynote address at the Fed’s annual retreat in Jackson Hole, Wyoming, Powell said: “The time has come for policy to adjust... The direction of travel is clear, and the timing and pace of rate cuts will depend on incoming data, the evolving outlook, and the balance of risks.” Powell said inflation had “declined significantly” and that the central bank can now equally focus on supporting a strong labor market.
 

AGENDA

 

This short week, the Real Sector Confidence and Capacity Utilization Rate will be disclosed today, followed by the Trade Balance and Foreigners’ Net STOCK/BOND Holdings, and the local market will be closed on August 30th, in observance of Victory Day.
On the international side, the US GDP Growth Rate-Durable Goods Orders-Personal Income and Michigan Consumer Confidence will be released, while the Eurozone will be releasing the Consumer Confidence Levels, and Germany will disclose its GDP and Inflation figures.
ENJSA is expected to release its financials after the markets close today.
 

2Q2024 FINANCIAL RESULTS

AGHOL: Released a 6mth profit of TRY 4.04bn, vs TRY 9.7bn y/y. The net sales rose to TRY 247.8bn from TRY 237.5bn, but EBITDA fell to TRY 23.6bn from 25.97bn.
KRDMD: Disclosed a 6mth net loss of TRY 1.82bn vs TRY -1.58bn y/y.
VESTL: Disclosed a 6mth net loss of TRY 1.19bn vs TRY -2.52bn y/y.
SASA: Disclosed a 6mth net profit of TRY 13.72bn vs TRY 10.7bn y/y.
 

CORPORATE

ENERGY: According to the Official Gazette, solar-powered panel producers will not be able to receive government incentives unless the use locally produced panels and turbines. We deem this especially negative for ALFAS-CWENE and ESEN shares.
SAHOL: Disclosed that a wholly-owned subsidiary named Dx Technology Services and Investment BV (DxBV) had been incorporated in the Netherlands with the goal of creating a global player in the digital world by focusing on business models based on next generation technologies at Sabancı Group.
 
 
 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.