Market Watch (Şeker Yatırım)

Market Watch - Tuesday, February 13, 2024
Outlook:
The BIST 100 Index started Monday on a positive trend and price gap, maintaining its positive course despite fluctuations to close at 9,174.58, up 1.42%. The Industrial Index rose 2.00% and the Banking Index gained 3.10%. The positive atmosphere and rising trend that started at the BIST in early January is maintained. Confidence in rational policies, the decline in country risk premium CDS, mounting foreign investor interest and quarterly results exceeding expectations among the banks support the BIST. There is a 28% upside potential to our index target of 11,700 at current levels. Yet the need for stock selectivity remains and profit-taking may occur in the short term. Any sales will likely present buying opportunities for the medium term. On the global front, Asian Stock Markets were partially on leave yesterday, European Stock Markets followed a buyers' trend, and U.S. Stock Markets were negative. Today, markets focus on CPI data from the USA. The data is expected to indicate a decline in annual inflation from 3.4% to 2.9%. A higher-than-expected CPI print may support risk appetite by strengthening interest rate cut expectations, while lower-than-expected data may have the reverse effect. This morning, ahead of the data, the U.S. futures and German DAX futures are on the decline. While China and Hong Kong are closed for New Year celebrations, open Asian Stock Markets are on the rise. The current account balance will be followed on the macroeconomic data front (market expectation: -USD3.1bn). The VIOP30 Index ended the evening session up 0.25%. Locally, we expect the Benchmark Index to start Tuesday with a limited positive trend and seek to continue its rise despite any intraday profit-taking. SUPPORT: 9,050 - 8,900 RESISTANCE: 9,300 - 9,450.
Money Market:
The Lira was negative yesterday, weakening 0.07% compared to the USD to close to 30.7052. In addition, the currency appreciated by 0.02% against the basket composed of $0.50 and €0.50. Meanwhile, the local fixed income markets were positive. The ten-year benchmark bond was traded within a range of 26.45%-27.29%, ending at the 26.53%, 75 bps below its previous closing.
Company News:
Isbank (ISCTR.TI; OP) is expected to announce its 4Q23 earnings results today after the market close. Our 4Q23 net income estimate is TRY16,103 (-22% QoQ, -32% YoY) with a quarterly ROAE of 31%. Research Turkey market consensus is at TRY17,526mn. Negative.
TAV Airports Holding (TAVHL.TI; OP) and Tofas (TOASO.TI; OP) are to announce its 4Q23 results after the close of the TR markets.



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