TFG Istanbul Morning Report (TFG Istanbul Menkul Değerler )

• The sharp sell-offs at the BIST continued yesterday too, closing 1.26% lower, thanks to the late dip-buying, ending the day at 5361, and with a turnover of TRY 87.5bn.
• The Banks diverged positively from their peers, amid heightened speculation of a considerable rate hike at next week’s MPC meeting, and encouraged by President’s support for the actions of the new economy team, albeit reiterating his low interest-rate low inflation rate rhetoric, and the Transportation stocks also rose considerably, encouraged by PGSUS’s May passenger count, and expectations of a buoyant tourism season, whereas the Industrials and the REITs were the most sold stocks.
• Thus, looking at our BIST30 table, YKBNK, THYAO and ISCTR were the best performers, whereas KOZAA, KOZAL and EKGYO found themselves on the wrong end of the table.
• Today, we expect a slightly positive opening, despite the negative mood in the global markets on the back of the surprisingly hawkish Fed-talk, and ECB meeting, with local media announcements expected to steer the direction of trading.
• As of yesterday’s close, the TRY is trading flat against both the USD and the Euro at 23.58 and 25.52, respectively, whereas the DXY has risen slightly to 103.34.
• Both the 2yr and 10yr rates fell by 13bps and 31bps to 16.75% and 17.74%, respectively.
• On the commodity front, Brent is trading a tad higher at USD 73.49, and both ounce and gram GOLD prices have retreated slightly to USD 1935 and TRY 1468, respectively.
• The FOMC left the interest rates unchanged as expected, what was not expected however, was two more rate hikes coming this year, pushing the “dot plot” median expectations to 5.6% from 5.1%. The Fed also increased the fund rate expectations to 4.6% in 2024 and 3.4% for 2025, as well as increasing its GDP projection to 1% vs 0.4%, and unemployment at 4.1% vs 4.5%, clearing ending all concerns of a recession. Powell stated that the key indicator they were tracking was the PCE.
• Speaking of recession, despite technically entering into a recession, the ECB is expected to increase its policy rate today by 25bps.
NEWS FLOW:
• AGESA: Disclosed that it increased its Jan-May premiums by 67% to TRY 2.6bn
• ANSGR: Disclosed that it increased its Jan-May premiums by 112% to TRY 14.6bn
• KCAER: Disclosed that it has decided to establish an energy subsidiary with a capital of TRY 300mn
• KLKIM: Disclosed that it will increase its capital by 300% to TRY 460mn via bonus issue
• ORGE: Disclosed that it has submitted and been accepted 2 electrical works in the Istanbul metro worth TRY 54.8mn and E9.6mn.
AGENDA:
• On the local front, the Central Gov’t Budget Balance, Home Sales figures and the Weekly Foreigners’ Net Stock/Bond holdings will be disclosed, whereas abroad, the ECB will be announcing its policy rate, and the US Jobless Claims, Retail Sales, NY Empire State Manufacturing Index, and the Capacity Utilization Rate will be disclosed.


 TFG Istanbul Menkul Değerler A.Ş.
  www.tfgistanbul.com/arastirma-raporlar
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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.