Daily Bulletin

Good morning. Although markets in the US will remain open as of tomorrow, the year-end lethargy driven by the declaration of an administrative holiday has already started to manifest itself through lower trading volumes, narrower price ranges, and directionless price action. This environment may persist into January. Looking at this morning’s market tone, US and European futures are flat, while Asian markets are mixed but broadly balanced. In Borsa Istanbul, despite a mild pullback of 0.3% yesterday, the BIST 100 Index managed to hold above the 11,300 level. The top five stocks contributing positively to the index were AKBNK, DSTKF, ASELS, TRALT, and YKBNK. Over the past week, stocks standing out with consistent fund inflows include AKBNK, MAVI, TAVHL, and CCOLA. From a technical perspective, 11,470 and 11,605 levels continue to act as resistance, while 11,250 and the 11,070 / 11,150 band remain key support zones. On the long-term valuation side, 12-month target levels for the BIST 100 Index continue to point toward approximately 15,500. On today’s agenda, a dense US data calendar stands out. Growth figures, along with consumption- and manufacturing-oriented data releases, will be closely monitored. Meanwhile, the decline in Turkey’s five-year CDS premiums is ongoing. Recent pricing is around 204 basis points, marking the lowest levels of the past seven and a half years. We reiterate that the easing in CDS premiums remains supportive for the XBANK Banking Index and note that GARAN and ISCTR are our preferred names within the Tacirler Investment Model Portfolio. Other constituents of the Model Portfolio include MGROS, THYAO, TUPRS, CCOLA, TKNSA, MAVI, FROTO, TAVHL, and TCELL.