Daily Bulletin

Good morning. Global risk appetite is slightly negative, and the loss of momentum continues in Borsa Istanbul. The BIST 100 index closed just below the 200-day exponential moving average at 9,575 yesterday, with capital outflows persisting. We believe the pressure on the index mainly stems from short-term news flow. In terms of financial performance and valuations, improvements in growth-oriented indicators and the Central Bank of Turkey’s interest rate cuts remain supportive. Therefore, considering the 12-month index targets pointing above 14,000, we see the recent decline in Borsa Istanbul as a "buying" opportunity. However, we should note that high volatility may persist in the short term. From a technical perspective, daily support levels can be monitored at 9,550 and 9,470, while resistance levels stand at 9,620 and 9,690. On today's agenda, the Central Bank of Turkey’s sectoral inflation expectations survey, as well as U.S. housing prices and confidence indices, will be closely followed. Meanwhile, Turkey’s 5-year CDS starts the day at 252 basis points.