Daily Bulletin

Good morning. As we start the new week, global risk appetite appears balanced, with U.S. equity markets and some Asian exchanges closed today. However, open markets and futures are generally displaying a flat performance. On the domestic front, Borsa İstanbul closed the previous session at the same level where it began on Friday. The BIST 100 climbed to as high as 14,320 intraday but ultimately settled at 14,180, unchanged from the prior closing level. The top positive contributors to the index were Türk Hava Yolları (THYAO), BİM Birleşik Mağazalar (BIMAS), Sabancı Holding (SAHOL), Koç Holding (KCHOL) and Turkcell (TCELL), while the main negative contributors were Kiler Holding (KLRHO), Akbank (AKBNK), Yapı ve Kredi Bankası (YKBNK), Türkiye İş Bankası (ISCTR) and Tüpraş (TUPRS). Over the past week, notable and consistent fund inflows were observed in THYAO, Astor Enerji (ASTOR), TCELL, Emlak Konut GYO (EKGYO), Ford Otosan (FROTO), Coca-Cola İçecek (CCOLA) and Anadolu Efes (AEFES). From a technical standpoint, 14,320, 14,500 and the 14,800–15,000 range stand out as key resistance levels, while 14,000, 13,650 and 13,400 may be monitored as support. The 12-month valuation framework continues to point to a long-term BIST 100 target of around 17,000. Although less than 10% of 4Q25 financial results have been released so far, initial figures indicate generally stronger-than-expected profitability and an increase in the number of companies delivering year-on-year growth. Accordingly, upward revisions to long-term index targets may continue. On today’s agenda, domestic Treasury auctions and industrial production data in Europe will be in focus. Türkiye’s 5-year CDS spreads start the day at 215 basis points.