Daily Bulletin

Good morning. Despite U.S. President Trump’s decision to suspend attacks on Iran’s infrastructure for ten days, until April 6, oil prices continue to hold above USD 100. Following yesterday’s sell-off in U.S. and European equities, futures are in positive territory this morning; however, we do not think markets are fully convinced that tensions in the Middle East are easing. Given factors such as troop deployments to the region, mutual threats of further attacks, and the failure of the conditions proposed for negotiations to gain acceptance, we believe investors unwilling to take weekend risk may remain cautious today. Therefore, although we may see an initial rebound at the open in Borsa Istanbul, a weaker tone could prevail later in the session. Of course, intraday news flow will remain the key driver of market direction. The BIST 100 Index fell 1.8% yesterday to close at 12,727. The top five positive contributors to the index were RALYH, KCHOL, CCOLA, MAGEN, and SASA, while BIMAS, TUPRS, AKBNK, EREGL, and YKBNK were the main negative contributors. Over the past week, the stocks that have stood out with consistent money inflows were KCHOL, AKSA, LILAK, and THYAO. From a technical perspective, the 12,400 / 12,500 range may be monitored as the support band, while 12,800 / 12,900 stands out as the resistance zone. On today’s agenda, some U.S. growth-related data releases and remarks from Fed members will be followed, although their market impact may remain limited under the current circumstances. Türkiye’s 5-year CDS starts the day at 295 basis points.