Daily Bulletin

Good morning, and wishing you a productive week ahead. Toward the close on Friday, news flow suggesting that the Strait of Hormuz had reopened created a strong wave of optimism across global markets. We observed a decline in oil prices alongside equity markets reaching new highs. However, over the weekend, developments indicating that the U.S. blockade in the Strait of Hormuz continues, coupled with Iran’s announcement that it has reclosed the strait and reports of attacks on certain vessels, are driving a renewed negative sentiment at the start of the week. Oil prices, which had retreated to around $85, are now starting the week again near $92. U.S. and European futures are trading lower, while Asian markets are still pricing in Friday’s positive sentiment this morning, albeit with signs of fading momentum. Borsa Istanbul reached a new record at 14,600, but a weaker opening is expected for the new week. From a technical perspective, the 14,300–14,400 range can be monitored as the first support zone, while 14,600–14,680 stands out as the initial resistance area. On Friday, the index rose by 2.7%, with the top positive contributors being AKBNK, THYAO, BIMAS, DSTKF, and SAHOL, while TUPRS, PETKM, KUYAS, AKSEN, and CWENE weighed negatively on the index. Over the past week, AKBNK, KCHOL, and ULKER have stood out due to consistent capital inflows. Given strong trading volumes, robust inflows, and continued foreign buying, we expect potential pullbacks in BIST to remain limited; however, a move below the 14,000–14,100 range could shift the outlook more negatively. The macro agenda is relatively quiet today. Թուրքիայի 5-year CDS premiums start the day at 228 basis points.