Daily Bulletin

Good morning. In the US, selling pressure has emerged on technology stocks—particularly software, data analytics, and communication companies—amid concerns over the potential negative impact of AI-focused business models, while US futures are trading flat this morning. In Europe, reports indicating an increase in corporate credit demand ahead of the ECB’s interest rate decision tomorrow are in focus, with European futures slightly in negative territory. Asian markets are mixed. In Borsa Istanbul, the January CPI figure, which came in at 4.8%—well above market expectations of around 4.2%—partially reduced expectations for rate cuts from the MPC; however, this had no material negative impact on equities. While banking stocks were relatively flat, the communication, transportation, and basic metals indices maintained their strong performance. The BIST 100 Index rose by 1.9% yesterday, renewing both its intraday record (13,926) and closing record (13,875). Trading volume remained elevated at TRY 249 billion, and net inflows continued. Accordingly, the ongoing record-breaking trend supported by high volume and inflows points to sustained positive momentum and the potential for further record highs. For the BIST 100 Index, 13,900 / 14,000 can be monitored as the initial resistance zone, our medium-term target stands at 14,800, while 12-month index targets are approaching the 17,000 level. The top five contributors to the index yesterday were KLRHO, THYAO, BIMAS, TCELL, and ISCTR, while the main negative contributors were AKBNK, ASELS, RALYH, KTLEV, and EFOR. Over the past week, stocks drawing attention with consistent inflows included GARAN, YKBNK, ISCTR, PGSUS, MGROS, ALARK, CANTE, and FROTO. On today’s agenda, inflation data in Europe and the ISM Services Index in the US will be monitored. Turkey’s 5-year CDS spreads start the day at 218 basis points.