Daily Bulletin

Good morning. While tensions between the U.S. and Iran have eased compared to the previous two weeks, oil prices continue to decline. At the same time, concerns over valuations in the global semiconductor sector have triggered selling pressure, particularly among technology stocks. This morning, sharp losses of up to 10% in South Korean chipmakers, led by SK Hynix and Samsung, are drawing attention. U.S. equity futures are trading lower in line with this trend, while European futures remain broadly stable. In Borsa Istanbul, the decline in oil prices supported a positive opening yesterday; however, selling pressure intensified throughout the session, with the BIST 100 Index closing down 1.21% at 13,774 points. The largest positive contributors to the index were ODINE, THYAO, BIMAS, PASEU, and RALYH, while ASELS, TUPRS, DSTKF, AKBNK, and ASTOR weighed most heavily on performance. Over the past week, TUPRS, KCHOL, RALYH, MIATK, and GESAN have stood out with consistent fund inflows. From a technical perspective, the index has fallen below both its 100-day simple and exponential moving averages, reinforcing the negative outlook and leaving room for a potential decline toward the 13,600 support level. On the upside, the 13,880–13,900 range represents the first resistance area, followed by the key 14,000 level. Today's economic calendar includes U.S. house price data, wholesale inventories, manufacturing activity, and consumer confidence figures. However, market attention will primarily focus on the Federal Reserve meeting, which begins today and concludes tomorrow, with investors closely monitoring the policy statement and forward guidance. Meanwhile, Türkiye's five-year CDS premium starts the day at 240 basis points.