Daily Bulletin

Good morning. Trading activity in global markets remains thin and range-bound amid year-end conditions. This effect is more pronounced in U.S. markets. In contrast, European futures and Asian equities have started the new week with relatively stronger risk appetite. In Borsa Istanbul, despite strong fund inflows and increased trading volume on Friday, the BIST 100 Index underperformed as inflows were largely concentrated in non-index stocks. The index closed the day just below 11,300, down 0.4%. For nearly two weeks, the index has been fluctuating around the 11,300 level, and we do not expect a material change in this short-term outlook. On Friday, the top five stocks providing the highest positive contribution to the index were ASELS, MAGEN, ASTOR, AKSEN, and GUBRF. Stocks that stood out with consistent fund inflows over the past week included ASELS, TOASO, AEFES, and GESAN. From a technical perspective, for the short term, the 11,400 / 11,470 range and the 11,605 level can be monitored as resistance, while 11,250 and the 11,070 / 11,150 range stand out as key support zones. We published our “2026 Outlook” report on Friday. Our 12-month index target is 15,200, compared to the market consensus of 15,660. The report includes our global outlook, macroeconomic forecasts for Türkiye, revisions to our Model Portfolio (TKNSA removed; ASTOR, SAHOL, and MPARK added), as well as sectoral and company-specific expectations. The economic calendar is quiet today. Türkiye’s five-year CDS premium remains flat at 205 basis points.