Daily Bulletin
Tacirler Investment
Good morning. Global risk appetite is starting the new week on a positive note. After Friday's sell-offs in the U.S. and Europe, futures indices are showing some recovery this morning. However, Asia remains generally weak. On the BIST, the short-term technical outlook has slightly improved following Friday's strong inflows, the recovery from below 10,000, and the close at 10,125. Fundamentally, upward revisions in valuations are ongoing. The 12-month forward BIST 100 index targets, which approached 13,200 in October, have now shifted toward the 13,500 level. If expectations linked to Q4 2024 and Q1 2025 financials improve, combined with interest rate cuts from the Central Bank and continued positive external conditions, we anticipate BIST 100 index targets could climb further toward 14,000. This would imply approximately a 40% gain on an index basis, with an average return of around 60% for companies expected to outperform the index, which would sustain interest in the BIST. From a technical perspective, the immediate resistance levels are at 10,170 and 10,280, while the support levels to watch are at 10,020 and 9,960. On today’s agenda, domestically, the second meeting of the minimum wage determination commission will be monitored, while in Europe and the U.S., manufacturing PMI data will be the focus. Later in the week, key events include the Fed's interest rate decision, U.S. GDP figures, and core PCE data. Lastly, Turkey’s 5-year CDS premiums are starting the week at 250 basis points.