Daily Bulletin

Good morning. Global risk appetite remains constrained, and the overall outlook points to a mildly negative opening. In the U.S., markets will be fully closed tomorrow due to the Christmas holiday. In addition, today and Friday have been declared federal holidays. Markets will remain open on these two days; however, trading activity is expected to be subdued. Domestically, the loss of momentum persists. While key support levels have not yet been breached, the outlook is weakening within medium-term trend channels. Yesterday, the BIST 100 Index declined by 0.2%. The top five positive contributors to the index were ASELS, TRALT, KTLEV, GENIL, and HALKB, while AKBNK, BIMAS, YKBNK, SAHOL, and EFOR exerted the most negative impact. Over the past week, companies that stood out with consistent fund inflows were ASELS, TRALT, AKBNK, GARAN, and EREGL. From a technical perspective, 11,470 and 11,605 levels continue to act as resistance, while 11,250 and the 11,070 / 11,150 range remain key support zones. With the index closing yesterday just below 11,300, the importance of the 11,250 support level has increased. A break below this level could lead to a more pronounced deterioration in the short-term outlook. Long-term valuations, however, continue to point to approximately 15,500 for the BIST 100 Index on a 12-month horizon. The daily agenda is relatively quiet. The pace of decline in Türkiye’s five-year CDS premiums has slowed. Recent pricing is hovering around 205 basis points, remaining at the lowest levels seen in the past seven and a half years. We reiterate that the easing in CDS levels is supportive for the XBANK Banking Index, and we highlight 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.