The BIST100 expanded on Friday’s historic peak, closing 1.69% higher at its new historic level of 10083, with a turnover of TRY 108.8bn. The Transportation-specifically the Aviation stocks, and the Conglomerates were yesterday’s biggest advancers, closing 2.90% and 2.15%, respectively, while the Banks were not too shabby either, tagging another 1.90% onto Friday’s 3.38%, ahead of Friday’s S&P Sovereign Ratings decision, where a credit hike is looked upon with near certainty, which will bode most advantageous onto the sector, followed by the Conglomerates, as a bump in the foreign stock ownership will also be expected. ASELS-PGSUS and KCHOL were yesterday’s most bought blue-chips, whereas ARCLK-GUBRF and FROTO were the most sold. As of print, the TRY is trading weaker against the USD at 32.44, but stronger against the Euro at 34.75, while the DXY is trading flat at 105.83. Both the 2yr and 10yr Bond rates fell yesterday by 81bps and 57bps to 44.34% and 27.96%, respectively. On the Commodity side, Brent is continuing its downtrend, currently trading below the $87 ticker at $86.80, while GOLD prices are also feeling the pressure ahead of tomorrow’s FOMC meeting, currently lower at $2322. The April Economic Confidence rate fell by 1% compared to March, to 99%. Goldman Sachs stated that they “expect Brent to edge down to $84/bbl by December but still see value in long oil positions as hedge against geopolitical supply shocks and from attractive roll yield perspective.
AGENDA
Foreign Tourist Arrivals and Trade Balance will be released on the local front, whereas on the international front, The Eurozone CPI, and 1Q24 GDP Growth Rate will be disclosed, while the US will be releasing its Conference Board Confidence Level and Home prices. AKBNK is expected to release its 1Q24 results today after the markets close. Please note that the markets will be closed tomorrow in observance of Labour Day.
FINANCIAL RESULTS
BIGCH: Disclosed an annual net income in 2023 of TRY 170.6mn, vs TRY 262.6mn in 2022, thus a drop of 35%. However, the EBITDA rose to TRY 506mn from TRY 419mn, an increase of 21%. The Company also announced that it will distribute Gross TRY 0.63/share cash dividends. GLYHO: Disclosed an annual net income in 2023 of TRY 2.0bn vs TRY 1.14bn in 2022, an increase of 76%. EBITDA, however fell to TRY 4.28bn in 2023 from TRY 4.55bn in 2022, a retreat of 6%.
CORPORATE NEWS
BOBET: Disclosed that it signed a TRY 500mn ready-made cement agreement with a local company. EKGYO: Disclosed that the agreement of Istanbul Bağcılar 100th Neighbourhood 1st Stage Residential and Commercial Constructions Insfrastructure and Landscaping Constructions Works , which was tendered within the framework of the ‘Cooperation Protocol on Joint Project Development' signed with Ziraat REIT A.Ş. has been signed to the Contractor ÖZYAZICI İnş. Elk. Mak. Müş. and Taah. San. and Tic. A.Ş. on 24.04.2024, worth TRY 883.15mn +VAT. ORGE: Disclosed that it signed a $3.9mn + VAT and TRY 118mn + VAT agreement regarding the ongoing Repair and Maintenance Building (MRO) at the Istanbul Airport, planned to be completed in 540 days.
Foreks Haber Merkezi ( haber@foreks.com )
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