Market watch (Şeker Yatırım)

Market Watch - Friday, June 27, 2025

Outlook:

The BIST 100 Index started Thursday on a positive trend, but turned downward later in the day. The Index, which then followed a downward fluctuating course, completed the day at 9,301.05, down 1.25% with increasing sales towards the close. The Banking Index decreased by 0.33%, while the Industrial Index lost 0.57%. Sales were also effective yesterday on the BIST side, which had started to rise amid optimism following the ceasefire in the Middle East. On the global side, risk appetite was positive yesterday. The U.S. stock markets closed with an increase, and European counterparts in general also closed on a positive trend. While a positive trend was seen in the U.S. and German futures indexes this morning after U.S. Commerce Secretary Lutnick noted progress on the international trade front, a generally mixed trend was dominant among the Asian stock markets. The VIOP-30 Index closed the evening session down 0.13%. Today, markets will follow core PCE data, an inflation indicator closely followed by the Fed in the U.S.. Locally, we expect the Benchmark Index to start Friday flat and then follow a fluctuating course. SUPPORT: 9,200 - 9,100 RESISTANCE: 9,400 - 9,500.

Money Market:

The Lira was negative yesterday, weakening 0.09% against the USD to close at 39.7720. The currency also depreciated by 0.65% 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 32.30%-32.64%, closing the day at 32.38%, down 35 bps from the previous close.

Sector News:

According to the data of the Turkish White Goods Industrialists Association (TURKBESD), in May, domestic sales decreased by 14% and exports decreased by 15% in 6 main product groups (Refrigerator, Washing Machine, Dishwasher, Oven, Deep Freezer, Dryer) compared to the previous year. Thus, total sales decreased by 14%. Production decreased by 23%. Imports increased by 16%.

In the first five months of the year, domestic sales decreased by 11% and exports decreased by 4%. Total sales decreased by 6%. Production decreased by 7%, while imports increased by 18%. In the January-May 2025 period, the ratio of exports to total sales increased from 65% in the same period of the previous year to 67%.

Data for the first five months of 2025 show that demand contraction continues in the sector both domestically and in the export market and that the current difficulties continue to have an impact. While the effects of tight monetary policy continue to suppress demand in the domestic market, the contraction continues on the export side, primarily due to the current economic difficulties experienced in the main market Europe.

We evaluate the data for May, which indicates a weak outlook in the sector, as NEGATIVE in terms of sector stocks ARCLK, VESBE, VESTL.

Company News:

Aksa Energy (AKSEN.TI; OP), The company has signed a 7-year, USD 150 million loan agreement with Africa Finance Corporation (AFC) to be used in natural gas-fired power plant projects in the African region.

Koç Holding (KCHOL.TI; OP) has resolved to purchase Marmaris Altinyunus (MAALT.TI; N/C) shares with a nominal value of TRY 36,500 corresponding to approximately 0.52% of the share capital of the Company from Family Danışmanlık Gayrimenkul ve Ticaret A.S. for a total cash consideration of TRY 23,5mn. The shares have been transferred, and the consideration has been paid in full, while following the transaction, Koç Holding's share and voting rights in Marmaris have increased to 50.5%.

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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.