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

• 16.01.2024 09:18

https://news-files.foreks.com/attachment/1705385926106_MORNINGTRIVEREPORT16JAN2024.pdf

BIST Makes Lemonade with Moody?s Lemons
Despite a shaky opening, after Moody?s only upgraded Türkiye?s outlook rather than increase its credit rating, the BIST100 responded by going on a full risk-on mode and closing the first day of the week on a gain of 0.72% at 8044, after peaking just 5 points from the 8100 level, with a turnover of TRY 93bn. As expected, after Friday?s surge on the back of the Moody?s rally, the Banks faced profit-takings, falling by nearly 1.50%, whereas one of last week?s laggards, the Energy stocks, were yesterday?s highest advancers, closing on average 2.32% higher. On the back of the positive Automotive production and export numbers, FROTO, KCHOL and TOASO were the most bought blue-chips, compared to GUBRF, ISCTR and YKBNK shares. As of print, the TRY is trading a tad weaker against the USD at 30.10, but slightly stronger against the Euro at 32.85, while the DXY has strengthened considerably to 102.90. Both the 2yr and 10yr Bond yields rose by 59bps and 97bps to 41.18% and 27.07%, respectively. The 5yr CDS rates are currently trading at 307. On the Commodity front, Brent is trading lower this morning at $77.87, and Ounce and Gram GOLD are lower at $2048 and TRY 1982, respectively. December Budget Balance posted a deficit of TRY 842.5bn, and TRY 1.38bn for 2023, the high annual deficit can be explained primarily by the February 6th earthquake, and the expenditures made afterwards. BANKING: The BRSA disclosed that Banks and Financial institutions will start using inflation accounting in January 2025. SEA-FREIGHT: According to several media reports, the tension in the Red Sea have spiked freight costs and have caused for companies to search for alternative (longer) sea routes, that bode well actually for sea-freight companies. On the local side, we may see the spike in global freight costs reflect positively onto GSDHO shares and advise to keep an eye on the stock.
 
AGENDA:
There are no major macro releases expected on the local front, whereas Germany will release its CPI and Zew Index, and the US will release its New York Fed Industrial Index.
CORPORATE:
SISE: Disclosed that a decision was made to implement an increase in the heavy soda ash production capacity at the Mersin Soda Ash Plant by 175 thousand tons/year. Including the Mersin soda ash plant, with a current soda ash production capacity of 1.5 Million tons/year, Şişecam's current global soda ash production capacity is 5 Million tons/year. Upon completion of this capacity expansion in 2026 with a total expected investment cost of approximately 125.3 Million USD including working capital requirements, Şişecam's soda ash production capacity in Turkey is expected to reach 1.7 Million tons/year. DARDL: Disclosed that it has been awarded a TRY 513.7mn tender to procure ready-made food to the military.

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.