Daily Bulletin

Good morning. Ongoing uncertainty around tariffs, escalating tensions related to Iran, and concerns over major technology companies have weighed on U.S. and European equities, while futures contracts are attempting a modest rebound this morning. In Asia, the session is mixed, though the overall tone remains constructive. Elevated global volatility and rising geopolitical tension in our near region may also influence Borsa İstanbul; however, we do not anticipate a deterioration in the primary trend. After retreating to 13,700 last week, the BIST 100 index has climbed back above the 14,000 threshold. The index gained 0.92% yesterday to close at 14,062, with the strongest positive contributions coming from DSTKF, AKBNK, TUPRS, EREGL, and YKBNK, while KLRHO, THYAO, ASELS, GUBRF, and PASEU weighed on performance. Over the past week, consistent fund inflows have been observed in TRALT, AKBNK, YKBNK, EREGL, HALKB, KBORU, and KRDMD. From a technical perspective, resistance levels are seen at 14,200 and 14,450 / 14,550, while 14,000, 13,700, and 13,400 stand out as key support levels. Meanwhile, the 4Q25 earnings season continues. To date, 22% of BIST All companies have reported results, and we calculate that 34% have delivered year-on-year improvement based on our predefined criteria. This compares with a 22–24% range recorded in 2Q25 and 3Q25. The improvement in corporate earnings is also reflected in upward revisions to target prices. Based on current valuations, our 12-month BIST 100 target stands at approximately 17,150. Upon completion of the 4Q results, a 17,500 / 18,000 range may come into focus, while in the second half of the year, a 19,000 / 20,000 band—pointing toward end-2027 expectations—could be targeted. Today’s agenda includes U.S. housing, manufacturing, and consumer data releases, along with remarks from six different Fed officials. Türkiye’s 5-year CDS premiums start the day at 224 basis points.