ANALİZ-Morning Report(Trive Yatırım) [FNC-NEWS]

• 20.03.2024 09:02

DEAD CAT BOUNCE OR ROAD TO RECOVERY?
The BIST100 finally ended its 6-day losing streak yesterday, by rising 2.43% higher to 8930, and on a turnover of TRY 84.1bn, spearheaded by the near 5% gains in the Banks, and the 3.43% rise in the Transportation stocks (both Autos and Aviation sharing their responsibilities equally), while the Mining stocks decoupled negatively from its peers, and the Energy stocks performed sub-par to the benchmark. Though the market does not expect any rate hikes from the CBRT at tomorrow?s meeting on paper, especially considering the upcoming Municipal elections, a possible 250-500bps would neither be a surprise, thus helping to explain the buoyant buying appetite at the Banks yesterday, especially considering that the purchases were mainly from foreign clients as well. Please note that while Deutsche expects a 500bps rate hike at tomorrow?s FOCM meeting, Goldman Sachs has penned a 250bps. YKBNK-AKBNK and TUPRS were yesterday?s most bought BIST30 stocks, whereas ENKAI (profit-takings) KOZAA and KOZAL, followed by ODAS were the most sold. As of print, the TRY is trading weaker against the USD at 32.38, and against the Euro at 35.19, while the DXY is slightly higher this morning at 103.88. On the commodity front, Brent is trading slightly lower at $86.57, while ounce GOLD is calm at $2156 before tonight?s FOMC meeting. The ECB Vice President, Luis de Guindos stated yesterday that the bank will be in a position to discuss an interest rate cut in June as it receives new data on wages, growth and inflation. Meanwhile, the March German ZEW Economic Sentiment Index jumped to its highest level in 2yrs to 31.7 from 19.9 in February, vs the expected 20.5. President Erdogan disclosed yesterday that the public Ramadan Eid break will be 9 days, thus making Monday and the half-day Tuesday also a public holiday (April 8-12). Some news from abroad from our markets, Nvidia stated today that it plans to procure high-bandwidth memory (HBM) chips, a crucial component in AI processors, from Samsung, vs its rival SK Hynix, thus helping Samsung shares rise about 5-6% today.
AGENDA
On the local front, only the Consumer Confidence Rates will be released, whereas the FOMC meeting will be the key macro release on the international end, besides the UK CPI rates and the ECB President Christine Lagarde?s speech. Please note that TCELL and TKNSA are expected to release its financials today after the session closes.
CORPORATE
EBEBK: Disclosed an annual net income of TRY 302mn in 2023 from TRY 269mn, a rise of 12%. EBITDA soared by 142% to TRY 720mn in 2023 from TRY 285mn. MPARK: Disclosed an annual net income of TRY 4.53bn, a decrease of 5% y/y compared to TRY 4.74bn. EBITDA, however, rose by 35% to 5.78bn from TRY 4.28bn.
 

Foreks Haber Merkezi ( haber@foreks.com )
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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 getiri tercihlerinize uygun olmayabilir. Bu nedenle, sadece burada yer alan bilgilere dayanılarak yatırım kararı verilmesi beklentilerinize uygun sonuçlar doğurmayabilir.