Daily Bulletin

Good morning. Global risk appetite is weak this morning; however, early trading hours show signs of a mild recovery attempt. In Borsa Istanbul, we are going through a period where the correlation with global equity markets remains limited. Despite declines exceeding 1% in the U.S. and European markets yesterday, the BIST 100 index closed the day up by 0.94%, while the BIST 30 futures contract traded flat during the evening session, even as selling pressure deepened abroad. The top five contributors to the index performance during the day were BIMAS, TCELL, AKBNK, KCHOL, and TUPRS. Over the past week, companies attracting consistent inflows included TUPRS, AKBNK, KCHOL, SISE, and ENKAI. From a short-term technical perspective, we expect the index to continue its attempt to hold above the 11,000 level today, with the 11,100–11,150 range serving as a key resistance zone. Approximately half of the companies listed on Borsa Istanbul have released their 3Q25 financial results. Based on our profitability and margin criteria, around 20% of companies show year-over-year improvement — a weaker outcome compared to the second quarter but stronger relative to previous periods. We are also observing upward revisions to target prices during this earnings season. These revisions have pushed the 12-month BIST 100 index target to 15,500, implying roughly 40% upside potential on an index basis. On today’s agenda, the CBRT Inflation Report presentation and Q&A session, scheduled between 10:30 and 11:30, will be closely followed. We do not expect revisions to the policy targets, although an upward adjustment within the forecast ranges is possible. U.S. employment data will likely remain undisclosed due to the ongoing government shutdown. Turkey’s 5-year CDS spreads start the day at 246 basis points.