BIST STOPS FOR BREATHER
The BIST100 saw profit-takings on Tuesday on the back of its recent sharp gains, closing 0.37% lower, but still above the psychological 10k level at 10045, and with a turnover of TRY 109.1bn. The Banks managed a slight increase of 0.03%, and the Transportation stocks saw the greatest gains of nearly 0.20%, and while the losses among the remaining sectors were fairly uniform, the Mining stocks, due to the retreat Gold prices were the most sold at 1.70%, followed by the Energy Stocks. ARCLK, managed to pare Monday’s losses amid its poor financials, rising by 5.04%, and at the same time topping the BIST30 list, followed by PGSUS and ISCTR shares, whereas KOZAL-TAVHL and ASELS, were the most sold. As of print, the TRY is trading stronger against both the USD and the Euro at 32.35 and 34.66, respectively, while the DXY has fallen to 105.72. On the Commodity side, Brent is trading lower at $83.80, due to expectations of a cease-fire in the Middle East, as well as yesterday’s Fed meeting, whereas GOLD has risen slightly to $2316. As anticipated, the FOMC kept the interest rates unchanged yesterday, but acknowledged the stall in bringing down inflation to its 2%, and thus opted to hold the benchmark at its current level, but pretty much ruled out a hike as the CB’s next move, and Jerome Powell told reporters yesterday, that the Fed Officials are “prepared to maintain the current target range for the federal funds rate for as long as appropriate.” The Fed also stated that it would slow the pace of reducing its balance sheet in June. Türkiye's tourism revenues increased by 5.4% to $8.8 billion in the January-March period of this year, on a yearly basis, the Turkish Statistical Institute (TurkStat) announced on Tuesday. The number of visitors rose by 10.1% to 9 million in the three-month period, with 21% of them Turkish citizens living abroad. Average expenditure per person was $975 during the first quarter, down 4.3% on a yearly basis, while average expenditure per night was up by 10.6% to $93. Türkiye's foreign trade deficit narrowed 41.5% to $20.3 billion this January-March versus the same period last year, official figures from TurkStat showed on Tuesday. The country's exports rose 3.6% to $65.6 billion in the three-month period, while imports dropped 12.8% to $83.9 billion. The exports/imports coverage ratio was 75.8% in the first quarter, up from 63.8% in the same period last year. In March alone, the country's exports dropped 4.1% to $22.57 billion while imports fell 6.3% to $29.9 billion. The foreign trade gap was at $7.3 billion in March, down 12.4% versus March 2023. According to the Official Gazette, the tax rate on TRY deposits has been raised to 7.5% from 5% with maturity up to 6 months, and to 5% from 3% for maturities up to 1 year, while remaining at 2.5% beyond 1 year. As such, we may see investors shift their money from their Savings account and into the Stock Market.
AGENDA
The April PMI figures will be released on the local front, while on the International side, the Eurozone and Germany will also be disclosing their PMI figures, and the US will be disclosing its Foreign Trade Figures, Weekly Jobless Claims Numbers, Factory and Durable Goods Orders. President Erdogan and the main opposition leader, Ozgur Ozel, will meet today.
FINANCIAL RESULTS
AKBNK: 1Q24 net income came in at TRY 13.18bn. Net F&C grew by 45% to TRY 18.73bn, and NII was at TRY 13.86bn. YKBNK: 1Q24 net income came in at TRY 10.3bn . Net Fees and Commissions was at TRY 15.56bn and NII grew by 64% to TRY 22.63bn. KRDMD: Disclosed an annual net income in 2023 of TRY 1.59bn vs TRY 1.1bn in 2022.
CORPORATE NEWS
Treasury and Finance Minister, Mr. Mehmet Simsek, stated yesterday that “Resources will be transferred to venture capital funds that will invest in companies operating in strategic sectors and technology fields. ENJSA and SAHOL will distribute gross TRY 2.79 and TRY 2.94 dividends per share today.
Foreks Haber Merkezi ( haber@foreks.com )
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