Daily Bulletin

Good morning. Nvidia facing export restrictions and China’s stronger-than-expected growth data reducing hopes for new stimulus measures are putting additional pressure on already fragile global equity markets. U.S. equity futures are trading nearly 2% lower this morning, while European futures and Asian equity markets are also in negative territory, with declines ranging between 0.50% and 2.00%. At Borsa Istanbul, the 9,500 resistance level was tested once again yesterday but failed to break. The session ended just below the 9,400 level. Nevertheless, based on active institutional flows (top five buyers and sellers), we observed a net inflow of TRY 1.7 billion, with notable foreign investor participation. From a fundamental valuation perspective, the 12-month average target level for the BIST 100 index points above the 14,000 mark, indicating a potential upside of more than 50%. While this target may be subject to slight downward revisions due to factors such as elevated TRY-denominated interest rates and a partial slowdown in consumption, the return potential is still expected to remain above anticipated inflation levels. Therefore, we believe the downside risk for the index remains limited, and institutional investors with strong capital and a medium-to-long-term investment horizon are likely to adopt accumulation-oriented strategies at current levels. From a technical standpoint, resistance levels are seen at 9,500 and 9,580, while support levels are monitored at 9,250 and the 9,000/9,100 range. Today’s agenda includes inflation (CPI) data from Europe, and retail sales, industrial production, and capacity utilization figures from the United States. Turkey’s 5-year CDS premium opens the day at 337 basis points.