Daily Bulletin
Tacirler Investment
Good morning. Global risk appetite is balanced this morning. There were sell-offs in the U.S. yesterday, but futures are on the positive side today. European markets were generally buoyant yesterday, with futures looking balanced. In Asia, the picture is mixed. Borsa Istanbul started the new year on a positive note, rising by 1.33%. The gains were particularly driven by buying in banks. Following the lifting of the short-selling restrictions, we did not observe any additional pressure on the market. Yesterday, short-selling transactions on BIST 50 companies amounted to a total volume of 14.2 billion TRY. Compared to the daily trading volume of 95.5 billion TRY for the index, short sales accounted for 15% of BIST 50's total trading volume and 10% of the total trading volume of the exchange. Despite yesterday’s rise in Borsa Istanbul, there was a net capital outflow. Therefore, momentum has yet to show a meaningful improvement, but technically, the resistance level of the consolidation zone has been approached. If the index holds above the 10,050 resistance, we could say the consolidation has broken upward, targeting the 10,100–10,300 range again. Support levels are at 9,910 and 9,820. On today’s agenda, the December inflation data will be in focus domestically. We estimate a monthly increase of around 1.5% in CPI, bringing annual CPI to approximately 45% by the end of 2024. For the end of 2025, our annual CPI forecast stands at 28%. Additionally, we will monitor the Central Bank of Turkey's (CBRT) foreign securities transactions and the U.S. ISM data. Turkey's 5-year CDS premiums are starting the day at 262 basis points.