Daily Bulletin

Good morning. While geopolitical risks remain in the background due to the continuation of calm following the ceasefire, global equity markets maintain a mildly positive bias. On Borsa Istanbul, although we saw an attempt towards the 9500 level yesterday, the session closed around 9420. As we approach the weekend, cautious positioning ahead of the CHP Congress Court Case expected on June 30, as well as potential unwinding of arbitrage positions due to it being the last trading day of the month, may prevent BIST from participating in the optimism seen in global markets. In this context, the BIST-100 index may find interim support around the 9300 level, while the 9500 / 9550 range is expected to act as a resistance zone. The main support and resistance levels are seen at the 9000 / 9100 range and the 9800 / 10,000 region, respectively. On today’s agenda, the Central Bank of Turkey’s weekly data on foreign transactions and the U.S. GDP figures will be in focus. Turkey’s 5-year CDS premiums opened the day at 306 basis points. The recent rise in CDS over the past 24 hours does not appear to stem from a global movement, but rather reflects pricing specific to Turkish lira-denominated assets. This suggests that foreign investor sentiment is being shaped more by the current agenda and non-economic risks. We do not expect any relief on this front before Tuesday.