Daily Bulletin

Good morning. Despite a weak performance in U.S. and European equity markets yesterday, futures contracts are seeking a rebound this morning. In Asia, the Tokyo Stock Exchange is closed today, while the rest of the regional markets are trading in positive territory. From a global perspective, although developed market equities have delivered a very strong performance over the past year, they have lost momentum year-to-date, whereas emerging market equities continue to remain in relatively positive territory. In terms of averages, the BIST 100 Index has generated a USD-based return of 21% year-to-date, while the MSCI Emerging Markets Index is up 10% and the MSCI World Index—largely driven by U.S. equities—has posted a 3% gain. As highlighted in our 2026 Outlook Report, we observe that Borsa Istanbul continues to outperform global peers on a relative basis, and we expect this relative strength to persist throughout the year. Looking at yesterday’s performance, the BIST 100 Index declined by 0.3% to 13,797 points, with ASELS, TRALT, THYAO, KTLEV, and ASTOR providing the most positive contributions, while AKBNK, TUPRS, PASEU, EREGL, and KCHOL exerted the most negative impact on the index. Over the past week, stocks attracting consistent fund inflows included THYAO, FROTO, TURSG, BIMAS, HALKB, BRSAN, and GUBRF. From a technical perspective, the 13,900 / 14,000 zone stands out as a key resistance area, while 13,400 serves as an intermediate support level, and the 13,000 / 13,300 range represents a major support zone. On today’s agenda, U.S. employment data—scheduled to be released with a five-day delay—will be in focus. In addition, geopolitical developments, particularly the U.S.–Iran negotiations, will remain on investors’ radar. Turkey’s 5-year CDS spreads start the day at 213 basis points.