Daily Bulletin

Good morning. Global markets are starting the new day on a positive note. Expectations of progress in the US–Iran negotiations continue despite military movements and geopolitical risks. In addition, Meta’s $100 billion chip order from AMD and positive consumer trend data supported US equities, while US and European futures along with Asian markets are trading in positive territory this morning. In Borsa Istanbul, despite intraday fluctuations between the 13,900 – 14,100 band yesterday, the index closed slightly down by 0.1% at 14,051 points. The top five companies contributing positively to the index were KLRHO, DSTKF, AKBNK, KTLEV and EREGL, while the main negative contributors were THYAO, TUPRS, KCHOL, ASELS and TCELL. Companies attracting steady capital inflows over the past week include AKBNK, EREGL, ASTOR, FROTO, YKBNK, AEFES and TRALT. From a technical perspective, 14,200 and 14,450–14,550 resistance levels and 13,900, 13,700 and 13,400 support levels can be monitored. Regarding 4Q25 financial results, reporting continues, with 23% of BIST-listed companies having announced results so far; 34% of them showed annual improvement (the ratios were 22% and 24% in 2Q25 and 3Q25, respectively). Improvements in company fundamentals are expected to support upward revisions in target prices. Based on current valuations, the 12-month BIST 100 index target is around 17,210. Once 4Q results are completed, the 17,500–18,000 range may be targeted, while in the second half of the year, levels of 19,000–20,000 could be considered for the period extending toward 2027. On the macro calendar, inflation data in Europe and comments from Fed officials in the US will be closely watched. Türkiye’s 5-year CDS premium starts the day at 226 basis points.