Daily Bulletin

Good morning. While mutual threats between the US and Iran continue, both sides are also putting forward conditions that do not appear very likely to be accepted by the other. The US has extended the deadline it gave Iran for a third time, granting an additional 48 hours. As geopolitical tensions remain elevated, oil prices continue to trade at high levels, while global equity markets are generally showing a weak tone. The BIST 100 Index declined by 0.9% on Friday to close at 12,936. The five stocks that made the strongest positive contribution to the index were EREGL, KUYAS, MAGEN, TCELL, and GARAN, while ASELS, BIMAS, KLRHO, THYAO, and MGROS were the main negative contributors. Over the last week, GARAN, KBORU, KRDMB, and ODINE have stood out in terms of consistent money inflows. From a technical perspective, the index’s breakout above the downward channel resistance originating from the all-time high of 14,532 seen on February 18, and the confirmation of that breakout, had been constructive. However, the loss of momentum seen again on Friday weakened this positive picture. Over the weekend, hikes in electricity and natural gas tariffs in Türkiye negatively affected expectations for a rate cut from the MPC, which may lead to a weak start for Borsa Istanbul this morning. For the near term, 13,100 and 13,300 stand out as resistance levels, while 12,800 and 12,620 are support levels. On today’s agenda, the real effective exchange rate and Treasury auctions will be monitored domestically, while the US ISM data will be the key item abroad. Türkiye’s 5-year CDS premiums are starting the day at 286 basis points.