Daily Bulletin
Tacirler Investment
Good morning. Global markets are off to a mixed start for the new year. U.S. futures are on the positive side despite the terrorist attack in New Orleans, while European futures remain flat, and Asian markets are generally negative. Borsa Istanbul ended 2024 below the 10,000 level, closing at 9,830 points, pressured by the appointment of a trustee to AB inBEV Efes, a subsidiary of Anadolu Efes in Russia, during the last two trading days of the year. This morning, we expect partial rebound buying; however, we believe the weakness in momentum will persist. Starting today, the short-selling ban for BIST 50 companies will be lifted. In our 2025 Outlook Report, we provided a list of these companies and mentioned the potential implementation of the "up-tick" rule. While this decision has not yet been announced, the Borsa Istanbul administration will monitor the situation and may choose to apply this rule if there is significant pressure on the BIST. Nevertheless, even without the implementation of the up-tick rule, we believe BIST will remain resilient to potential selling pressure given its current valuations and multiples. Additionally, the ability to conduct short-selling transactions is expected to attract foreign investors who operate globally and have been unable to engage in short-selling on the BIST since February 2023. This could boost both the liquidity and trading volume of the BIST. The day’s agenda is relatively quiet. Turkey's 5-year CDS premiums begin the day at 262 basis points.