Daily Bulletin

Global equity markets are displaying a weaker tone this morning. The softness is driven by limited news flow, declining year-end market participation, and partial profit-taking from peak levels. In Borsa Istanbul, we saw a more pronounced pullback relative to global peers, with the index closing yesterday at 11,150. While the banking sector remained broadly resilient, selling pressure was more evident across non-bank sectors. The BIST 100 Index declined by 1.3%, with the top five positive contributors being YKBNK, TAVHL, GARAN, AKBNK, and EFOR. Stocks that have attracted consistent fund inflows over the past week include KCHOL and ASELS. From a technical standpoint, we had highlighted the 11,070 / 11,150 band as a key support zone below the 11,250 level. Yesterday’s close occurred at the upper boundary of this range. However, given the loss of momentum and the unwinding of arbitrage positions as year-end approaches, downside pressure may persist. In the short term, 11,250 is now expected to act as a resistance level. On today’s agenda, domestic data releases include the unemployment rate and the economic confidence index. In the U.S., housing price data, the Chicago and Dallas Fed activity indices, and the Fed minutes will be closely monitored. Türkiye’s five-year CDS premium stands at 204 basis points, down 1 basis point from yesterday. Over the past month, Türkiye’s CDS has recorded the sharpest decline among emerging markets, with a 14% contraction, indicating the most constructive outlook in terms of sovereign risk pricing. The continuation of this trend would further support expectations for potential credit rating upgrades or positive outlook revisions by rating agencies.