TFG Istanbul Morning Report (TFG Istanbul Menkul Değerler )

BIST EXPECTED TO CLOSE WEEK ON GAINS AHEAD OF TONIGHT'S S&P MEETING
o The BIST closed yesterday on a slight gain of 0.06% at 8218, with a turnover of TRY 146.7bn, leaving behind a rather volatile trading session, kept above water by the Aviation stocks, and stocks to be included into the Participation Index as of Monday. The Banks rose 0.93% higher, led by YKBNK and AKBNK, whereas the Mining stocks were yesterday's most sold equities.
o Today, we expect a positive opening ahead of tonight's S&P credit rating meeting, where the expectations are of at least an outlook upgrade from "Negative" to "Stable" while a rating upgrade to the current "B" note will most politely reflect positively onto trading come Monday. The international markets closed positively yesterday, and both the Asian markets and the US Futures are trading positively, thus indicating for a pleasant weekend ahead of us.
o Looking at the blue-chips, THYAO-PGSUS and YKBNK were the most bought, whereas GUBRF-TCELL and TTKOM were the most sold.
o The TRY is currently trading weaker against the USD at 27.47, and the Euro has strengthened to the 29 level to 29.06, as of print, while the DXY has fallen slightly to 106.01. The 2yr and 10yr yields continued to rise, closing yesterday 46bps and 22bps higher at 29.16% and 27.57%, respectively.
o On the Commodity front, Brent is trading lower compared to yesterday's session closing level at USD 92.68, and while ounce GOLD is trading flat at USD 1865, gram GOLD is slightly higher due to the rise in the USD/TRY parity.
o Last week, Foreigners were net BUYERS of USD 72mn EQUITIES and USD 92mn BONDS. The CBRT gross and net reserves have risen to their highest levels in 9 and 7 months by USD 3.752bn and USD 6.446bn, respectively.
o The New US Senate foreign relations chair, Senator Ben Cardin, stated yesterday that he would look into Turkey's USD 20bn F-16 fighter jet deal with Lockheed Martin, adding that more issues than Sweden's ascension to NATO would affect the decision on lifting his predecessor's longstanding hold.
AGENDA
o There are no major local macro releases expected today besides the S&P credit rating decision, whereas on the international front, US Personal Income and Spending numbers will be disclosed. ECB Chair Christine Lagarde will be speaking today.
CORPORATE:
o A 20% hike in electricity prices have been implemented for commercial usage. We deem this news negative especially for Industrial stocks.
o BRSAN - Disclosed hat the requisite permissions for the transfer of 230,000,000 shares, equivalent to 23% of Borusan Mannesmann Boru Yatırım Holding's equity, were secured from competition regulators in Romania, Germany, Poland, and Turkey, as well as the Romanian Direct Foreign Investments Authority. The assessment by the Italy Direct Foreign Investments Authority is still in progress.
 
o CVKMD - The company has revealed an agreement with a foreign client for an ore sale amounting to USD 0.97mn.
 
o COSMO - Following an electrical and mechanical commitment deal with Cosmos Engineering's local customer, an affiliated entity, an added contract of TRY 36.8 million was executed.
 
o EKGYO - The company disclosed that the Nidapark İstinye project's Minimum Total Company Share Revenue was adjusted from TRY 3.8bn to TRY 4.1bn, after amending the main contract with the contractor.
 
o EKGYO - For the Nidapark Küçükyalı project, the Minimum Total Company Share Revenue was reported to have been raised from TRY 1.8bn to TRY 2.2bn after a supplemental agreement with the builder.
 
o EKGYO - Following an addendum to the main contract for the Cer Istanbul - Cer Loft project, the company revealed an increase in the Minimum Total Company Share Revenue from TRY 206.2mn to TRY 534.5mn.
 
o RNPOL - An accord was struck for €2.5mn in sales for 2024, beginning from January of that year, involving Bravo International CZ SRO and SC Bravo International RO SRL, encompassing their German operations via Bravo Europa GMBH.
  
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 TFG Istanbul Menkul Değerler A.Ş.
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