Daily Bulletin

Good morning. During the period when our market was closed, the possibility of an agreement between the U.S. and Iran came to the forefront, weighing on oil prices while supporting global equity markets. The MSCI Emerging Markets Index gained more than 5% during the holiday period, while Brent crude oil futures declined to as low as USD 90 per barrel before rebounding toward USD 93 this morning following reports of renewed attacks. U.S. equity futures are starting the week in positive territory, European futures are trading lower, while Asian markets are broadly higher. We expect Borsa Istanbul to open the new week on a positive note as well. From a technical perspective, the 13,800–14,000 range may be monitored as a resistance zone, while the 13,000–13,200 range stands out as a key support area. Upward revisions to target prices continue across listed companies. During the market closure period, we observed the 12-month target for the BIST 100 Index rise from around 18,800 to slightly above 19,000, bringing the implied upside potential for the index close to 40%. The BIST 100 Index declined by 1.6% on Tuesday to close at 13,662 points. The top positive contributors to index performance were KTLEV, DSTKF, TUPRS, SAHOL, and MAGEN, while ASELS, ASTOR, TCELL, BIMAS, and AKBNK exerted the largest negative impact. Companies that have attracted consistent fund inflows over the past week include CVKMD, SAHOL, YEOTK, ECILC, RYSAS, TCKRC, ENKAI, MAGEN, and KRDMD. On today’s economic calendar, PMI data from Türkiye, Europe, and the U.S. will be closely monitored. Domestically, first-quarter 2026 GDP growth figures will also be released. We estimate that the Turkish economy expanded by 2.7% year-on-year in the first quarter of 2026. The market consensus forecast also stands at 2.7%, in line with our expectation. Finally, Türkiye’s 5-year CDS premium starts the day at 240 basis points.