Daily Bulletin

Good morning. The blockade in the Strait of Hormuz continues; however, messages from the U.S. side indicating that negotiations will proceed and that the war may be nearing an end are supporting markets. Oil prices have eased back to around USD 90, while buying interest is returning to U.S., European, and Asian equities. Futures are flat this morning, but global risk appetite is gradually strengthening. On the other hand, upward revisions to target prices for U.S. equities are also continuing. In Borsa Istanbul, the BIST 100 Index rose by 1% yesterday on increasing volume, climbing to 14,202. The top five positive contributors to the index were THYAO, TUPRS, BIMAS, DSTKF, and RALYH, while ASELS, EREGL, YKBNK, ECILC, and GRTHO weighed negatively on the index. Stocks that have attracted consistent fund inflows over the past week include AKBNK, KCHOL, MGROS, GARAN, and SAHOL. We expect the positive momentum in BIST to continue today. From a technical perspective, 14,350 and 14,530 can be monitored as resistance levels, while 14,100 and 13,850 stand out as support levels. If the recent improvement in the geopolitical news flow persists, we believe the BIST 100 Index could reach new highs by the end of April and move toward the 15,000 level. Our 12-month target for the BIST 100 Index stands at around 17,700, implying an upside potential of approximately 25% in index terms. The interest rate path to be followed by the CBRT Monetary Policy Committee will also be a key determinant in this process. Today’s agenda includes the central government budget balance domestically, industrial production data in Europe, and manufacturing and housing sector data in the U.S. Finally, Türkiye’s 5-year CDS premiums start the day at 229 basis points.