Daily Bulletin

Good morning. The ongoing tension between the U.S./Israel bloc and Iran eased somewhat overnight following messages from the U.S. and claims that ceasefire talks could take place tomorrow. Brent crude fell from around USD 100 to nearly USD 95, while U.S. and European futures, as well as Asian equities, are trading notably higher this morning. However, reports suggesting that Iran is unlikely to accept the 15-point proposal put forward by the U.S. for a possible agreement or ceasefire, together with headlines about the deployment of thousands of additional U.S. troops to the region, indicate that tensions may continue. For this reason, although we expect Borsa Istanbul to move back above the 13,000 level today in line with the rebound in global equities and the decline in oil prices, we prefer to remain cautious. The BIST 100 Index fell 1.8% yesterday to close at 12,930. The top five positive contributors to the index were TUPRS, MAGEN, KUYAS, RALYH, and CCOLA, while AKBNK, BIMAS, YKBNK, SAHOL, and KLRHO were the main negative contributors. Over the past week, the stocks that have stood out with consistent money inflows were ASELS, VAKBN, CEMZY, KUYAS, MAGEN, PSGYO, IEYHO, KAPLM, and AKSGY. Notably, we observe that inflows have been more concentrated in relatively small- and mid-cap stocks. From a technical perspective, 13,170 and 13,300 can be monitored as resistance levels, while 12,800 and 12,650 stand out as support levels. Today’s macro data calendar is quiet. Türkiye’s 5-year CDS starts the day at 297 basis points.