Daily Bulletin
Tacirler Investment
Good morning. While momentum loss is observed in the US and Europe, hopes for stimulus in Asia are driving purchases in the region’s stock markets. Domestically, the expectation that Turkish companies could play significant roles in Syria's reconstruction process has led to high volumes and capital inflows in Borsa Istanbul, pushing the index above 10,250. We maintain our short-term formation target of 10,500. With yesterday's close, the index has returned to the gap zone between 10,200 and 10,400 that formed on August 5th due to the appreciation of the Japanese Yen and unwinding of carry trade positions. It has also climbed to a four-month high in TL terms. The peak of this zone in dollar terms is approximately $303, which aligns with the 10,500 level at current exchange rates. If momentum is sustained and capital inflows continue above this level, the likelihood of testing the historical peak of 11,250 in TL terms will increase. From a technical perspective, supports are at 10,150 and 10,000. On today's agenda, the October industrial production data, which may provide clues regarding the unemployment rate and 4Q24 GDP growth, stands out domestically. Internationally, the agenda is relatively quiet. Turkey's 5-year CDS premiums start the day at 247 basis points. With CDS levels dropping below 250 basis points for the first time in a long while, further declines could provide additional support for the XBANK Banking Index.