S&P Surprises Investors-This Time for the Better
" The BIST100 closed the week on a positive note, rising by 0.67% to 10,277, and on a high turnover of TRY 118.3bn, led by the gains in the Banking and Service sectors, while the Mining and Conglomerates diverged negatively from their peers.
" Investors appeared to have been on a risk-on mode for the Banks, betting on a rate increase from the S&P Rating's agency.
" As such, the Rating's Agency increased the credit rating to B+ from B, but also maintained its "Positive" outlook, saying that the coordination between monetary, fiscal, and income policy is set to improve, amid external rebalancing. The ratings agency said it could consider raising Turkey's sovereign rating if policymakers manage to reduce inflation, restore confidence in the lira, narrow current account deficits, and reverse dollarization. However, it warned, "We don't anticipate the inflation rate in Türkiye dropping to single digits until 2028."
" We may see Moody's and Fitch also increase their ratings note for Türkiye in the future, which will bring us ever closer to the long-awaited influx of foreign investors, which has increased to 39.59%, after stalling at around the 37% level.
" SASA-BIMAS and AKBNK were Friday's most bought BIST30 stocks, while TOASO-due to HSCB's Automotive report, followed by ARCLK and TUPRS were the most sold.
" For the week, the BIST100 and BIST30 closed on average 3.64% and 3.87% higher, respectively, however the Banks decoupled negatively from their peers after the CBRT increased the withholding tax rates on Savings Accounts, due to the expected negative reflections onto margins, and the Energy and REITs also performed subpar of the benchmark, while the Industrial and Conglomerates carried the BIST higher.
" The TRY strengthened against the USD for the week by 0.44% but weakened a quarter-of-a percent against the Euro, while the 2yr Bond rates rose slightly by 0.12% to close at 44.76%, and the 10yr rates rose by 2.81% to 28.91%.
" Brent saw a sharp fall of little over 6% to close at $82.70, and GOLD prices also fell by 1.53% to $2302, due to both speculations of a cease-fire in the Middle East, and coupled with Powell's statements post-FOMC, that while dismissing rate hikes, suggesting that the current interest rates will maintains due to the "stall" in lowering the inflation rate.
" As of print, the TRY is trading flat against both the USD and the Euro at 32.34, and 34.80, respectively, while the DXY has risen slightly to 105.15.
" On the Commodity side, Brent has risen to $83.15 due to the failure of cease-fire talks in Cairo, and GOLD has also risen to $2315.
" Last week, Foreign Investors were Net Buyers of $115mn EQUITIES, but net Sellers to the tune of $143mn BONDS.
" Türkiye's April Consumer Price Index rose by 3.18% on a monthly basis, and to 69.8% y/y, led by the increase in alcohol and tobacco prices, as well as HORECA prices, while expectations were 3.40 m/m and 70.1% on an annual basis.
AGENDA
" On the local front this week, The Effective Exchange Rate-Cash Budget Balance-the CBRT Inflation Assessment Presentation-Net Change in Foreigners' Stock/Bond Holding-Unemployment, and the IP will be disclosed.
" On the International front, the US will be releasing its Wholesale Figures-Michigan Consumer Confidence level-and Treasury Cash Budget Balance. The Eurozone will be releasing its Inflation Rate and Wholesale figures, while China will release its Foreign Trade Figures.
" The UK markets will be closed today.
FINANCIAL RESULTS
" TRGYO: Disclosed an annual net income in 2023 of TRY 12.64bn vs TRY 16.88bn y/y, and EBTIDA of TRY 3.61bn vs TRY 3.26bn.

CORPORATE NEWS
" KCHOL: Disclosed that it has purchased Otokar shares with a nominal value of TL 3,236,373.73 corresponding to approx. 2.70% of the share capital of Otokar and A group Tofaş shares with a nominal value of TL 175,693.44 corresponding to approx. 0.035% of the share capital of Tofaş from Temel Ticaret ve Yatırım A.Ş. for a total cash consideration of TL 1,610,095,928.19 for Otokar and TL 47,226,396.67 for Tofaş shares respectively with the purpose of simplifying the share structure of the portfolio companies. The shares have been transferred and the consideration has been paid in full today.
" MAVI: To disclose gross TRY 2.1270 dividends per share today.

 
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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.