Daily Bulletin
Tacirler Investment
Good morning. Following Iran’s attacks on commercial vessels, the United States launched airstrikes against nearly 80 targets inside Iran. In addition, the U.S. withdrew its exemption decision regarding Iranian oil exports. These developments pushed oil prices higher while weighing on global equity markets. However, U.S. and European equity futures are only marginally lower this morning, while Asian markets continue to display a mixed performance. In Borsa Istanbul, yesterday’s trading was supported by U.S. President Trump’s remarks suggesting that CAATSA sanctions on Türkiye could potentially be lifted. Nevertheless, after climbing to the 14,600 level for the second time, the BIST 100 Index failed to maintain its gains and retreated to the 14,450–14,500 range, ending the session up 0.5% at 14,497. The top positive contributors to the index were DSTKF, TUPRS, ODINE, ASTOR, and BIMAS, while ASELS, KTLEV, PASEU, KRDMD, and ENERY exerted the largest negative impact. Over the past week, stocks that have stood out with consistent fund inflows include TUPRS, TRALT, KCHOL, EREGL, TCELL, PETKM, and ASTOR. Following recent warnings from MSCI, HSBC, and FTSE regarding Borsa Istanbul, S&P Dow Jones Indices has now issued a similar assessment. According to the statement, unless Türkiye completes the necessary reforms related to shareholder transparency, market accessibility, and broader market infrastructure, the country could be placed under review. This process could ultimately result in a downgrade of Türkiye’s equity market classification from "Emerging Market" to "Frontier Market." These developments have heightened concerns over potential foreign investor outflows. Nevertheless, we believe that Turkish regulatory authorities will take the necessary measures to address these issues and mitigate the risk of such an outcome. Today's economic calendar is relatively quiet, with the minutes of the Federal Reserve's latest meeting set to be released this evening. Meanwhile, Türkiye's 5-year CDS spread starts the day at 222 basis points.