Daily Bulletin

Good morning. Global equity markets are starting the new week on a constructive note. In the US, buying interest in technology stocks stood out on Friday, while US futures and Asian equities are trading in positive territory this morning; European futures, however, are slightly negative. Borsa Istanbul closed Friday broadly flat with a 0.1% gain, yet it is worth noting that the BIST 100 Index posted its second-highest weekly close in the history of the exchange at 11,342 points. As previously highlighted, the BIST 100 is preparing to close its seventh consecutive year with gains. Nevertheless, despite this TRY-based performance, the weak performance over the past three years in USD or inflation-adjusted terms has weighed on overall investor sentiment, meaning that the morale of BIST investors does not fully reflect a market that has been rising for seven years. We expect this perception to improve in 2026 and will share further details in our 2026 Outlook report. On Friday, the top five contributors to the index on the upside were ASELS, BIMAS, TRALT, THYAO, and AKBNK. Over the past week, companies that have attracted consistent fund inflows include THYAO, AKBNK, TRALT, PGSUS, SKBNK, and ISCTR. From a technical perspective, 11,470 and 11,605 levels can be monitored as resistance, while 11,250 and the 11,070 / 11,150 range stand out as key support zones. Long-term valuations continue to point to approximately 15,500 for the BIST 100 Index on a 12-month horizon. On today’s agenda, domestic tourism data and the US Chicago Fed National Activity Index will be in focus. In the US, holiday effects and a low-liquidity market environment are expected to become more pronounced from Wednesday, December 24. Turkey’s five-year CDS premiums remain at 206 basis points, continuing to hover around their lowest levels of the past seven and a half years.