Mornıng Report (Trive Yatırım Menkul Değerler )

• The BIST100 closed yesterday ¾’s percent lower at 7950, and on a higher-than the usual TRY 75ish billion turnover at TRY91.2bn, pulled back by the 4.35% losses in the Banking stocks, due to JPMorgan’s caution on the sector ahead of the 4Q23 results, due out next week, placing the main banks on “Negative Catalyst Watch” as “core trends to worsen in the near term,” specifically AKBNK-GARAN-ISCTR and YKBNK.
• However, we did observe some reactionary dip-buying from the day’s low of 7915, hinting that today maybe better than yesterday. The Conglomerates also observed harsh sell-offs, falling on average 1.26%, alongside the Mining stocks, whereas the Services sector managed to decouple positively from their peers.
• Another catalyst that may prompt the local markets higher today is that the Turkish Parliament, on the final hours of the day, approved Sweden’s NATO membership bid, thus just leaving Hungary the only NATO member that has not yet approved Sweden’s accession. Accordingly, as we observed yesterday, we may see ASELS, as well as the local state bank HALKB outpace their peers.
• BIMAS-TCELL and FROTO were yesterday’s best performing blue-chip stocks, and after touching the TRY 9.70 level, EKGYO shares retreated to TRY 9.40, perhaps just to catch a short breather, and ASELS shares also skyrocketed to TRY 48.78, before joining its peers in the profit-takings, and closing the day at TRY 47.26, a meagre gain of 0.30%, ahead of the NATO inclusion of Sweden. So, the bottom 3 laggards were spotted by the Banks-with YKBNK at the anchor, and followed by AKBNK and ISCTR, with SASA coming in-between GARAN and its peers.
• As of print, the TRY is trading flat against the USD at 30.28, but weaker against the Euro at 32.90, while the DXY has fallen slightly to 103.44. The 2yr Bond rates rose by 5bps to 42.69%, whereas the 10yr rates fell by 14bps to 27.27%.
• On the Commodity front, Brent is trading slightly higher this morning at $79.24, and Ounce GOLD is flat at $2024.
• Well Fargo released a report yesterday in which it expects the USD/TRY parity to rise to 31in 1Q24; but then gradually start to strengthen to 30.50 in 2Q24; 30 in 3Q24 and 29.50 in 4Q24.
AGENDA:
• There are no major macro releases expected on the local front, whereas the PMI figures from the Eurozone-Germany and US will be watched on the international screen.

CORPORATE:
• KRVGD: Disclosed that it has decided to sell it jelly production plant in Egypt due to high costs with an annual production capacity of 7500/ton to its joint-venture partner MCC. With the recent completion of its licorice line in Egypt, the company expects an annual contribution of USD 7.5mn.


 
 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.