Daily Bulletin

In the U.S., financing concerns surrounding Oracle have triggered broad-based selling across the artificial intelligence ecosystem, with some technology stocks posting monthly declines of up to 10%. U.S. equity futures are attempting a rebound this morning; however, European futures and Asian equity markets remain in negative territory. In Borsa Istanbul, the BIST 100 Index declined by 0.6% yesterday, closing the session at 11,286, within the 11,250 / 11,300 support zone. The top five positive contributors to the index were TUPRS, TRALT, SAHOL, EREGL, and PASEU, while ASELS, BIMAS, AKBNK, GENIL, and ASTOR exerted the most negative impact. Over the past week, stocks that have stood out with consistent fund inflows include THYAO, GARAN, PGSUS, AEFES, TCELL, SISE, ENJSA, TRMET, and MAVI. We view the increase in the number of high index-weight stocks attracting capital inflows as constructive and healthy; nevertheless, the sustainability of this trend should be closely monitored. From a technical perspective, 11,360, 11,470, and 11,605 levels are followed as resistance, while the 11,070 / 11,150 range constitutes a key support area. Long-term valuation models point to a 12-month target level of around 15,500 for the BIST 100 Index. On today’s macro agenda, interest rate decisions from the Bank of England and the European Central Bank, along with U.S. inflation data, will be in focus. Domestically, CBRT reserve figures and weekly foreign investor transaction data will be released. Turkey’s five-year CDS premium stands at 210 basis points this morning, marking the lowest levels of the past seven and a half years. We reiterate that the easing trend in CDS spreads is supportive for the XBANK Banking Index, and we maintain our preference for GARAN and ISCTR within the Tacirler Investment Model Portfolio. Other constituents of the Model Portfolio include MGROS, THYAO, TUPRS, CCOLA, TKNSA, MAVI, FROTO, TAVHL, and TCELL.