Market Watch (Şeker Yatırım)

Market Watch - Monday, April 21, 2025
Outlook:
The BIST100 Index started Friday on a positive trend, but then faced sales, weakening throughout the day to close at 9,317.24, down 0.84%. The Industrial Index fell by 0.05% and the Banking Index by 2.92%. On a weekly basis, the BIST100 Index fell by 0.68% and the Industrial Index by 0.07%, while the Banking Index diverged negatively, down 3.86%. Following the CBRT's interest rate hike, banking stocks continued to lose value with expectations that rising interest rates would suppress sector profitability. We believe that the recovery in industrial sector stocks may also be spread over time with interest rate cuts. On the global front, the U.S., European, and some Asian stock markets were closed for Good Friday, while Asian stock markets, which were open, observed a mixed course. With tariff developments followed throughout the week, the U.S. stock markets fell by an average of 2% last week, European stock markets rose by an average of 3.8%, and Asian stock markets rose by an average of 2.5%. Today, European and some Asian stock markets will be closed for Easter. Following Trump's statements this morning that he is evaluating ways to fire Powell, the U.S. futures are negative, while Asian stock markets that are open are positive. The data agenda is calm, and Trump's possible statements regarding tariffs and the Fed will remain closely monitored. The VIOP30 Index completed the Friday evening session with a 0.49% increase. Locally, we expect the Benchmark Index to start Monday flat and continue its fluctuating course for the rest of the day. SUPPORT: 9,250 - 9,150 RESISTANCE: 9,400 - 9,500.
Money Market:
The Lira was positive on Friday, gaining 0.02% against the USD to close at 38.0558. The currency also appreciated by 0.10% against a basket of $0.50 and €0.50. Meanwhile, the local fixed income markets were positive. The ten-year benchmark bond yield fluctuated between a range of 33.61%-34.13%, closing the day at 33.82%, down 71 bps from the previous close.
Company News:
Tofas (TOASO.TI; OP) has announced that regarding the purchase all of Stellantis Otomotiv shares together with its operations and distribution rights of Stellantis brands (Peugeot, Citroen, Opel and DS Automobiles) in Türkiye, the Company had been notified of the Competition Board's conditional approval of the transaction. In this respect, Tofas will make investments to produce a new light vehicle model with an annual production capacity of 150,000 units (some portion of which is expected to be directed to MEA (Middle East and Africa) countries upon mutual agreement of the parties), including completely knocked down vehicles for export, as of 2027 in Türkiye, and in multi energy platforms for Stellantis brands (Fiat, Opel, Citroën and Peugeot) starting from the third quarter of 2026, which will increase Tofas's total export production capacity to 200,000-220,000 units along with other ongoing projects as of 2027. As long as there is any member of the Koç Family on the board of directors of the Koç Group company Ford Otomotiv Sanayi A.Ş., the board of directors of Tofas shall not include any member of the Koc Family. The board of directors of these companies will consist of different members, and the composition of Tofas's board of directors will be aligned with this commitment within 30 business days following the closing of the transaction. Following discussions between Tofas and Stellantis Group within the scope of these commitments, Tofas's board of directors has resolved to invest up to EUR256 million in the new light vehicle project, and negotiations regarding the agreement on project details and conditions (including production quantities, market forecasts and models to be produced) with the Stellantis Group are ongoing (Positive).




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