Daily Bulletin

Good morning. Global markets are starting the new week on a weak note. Two developments stand out: i) hawkish messages from Fed Chair Warsh, and ii) a renewed escalation in US-Iran tensions following reciprocal attacks. US and European futures, as well as Asian equities, are trading lower this morning. Domestically, the expected regulations from the Capital Markets Board of Türkiye (CMB) regarding investment funds, particularly hedge funds, have been introduced. The 88-page “Guide on Investment Funds” can be accessed on the CMB’s website. The regulations introduce several important changes, including reducing the fund weights of companies that have high concentrations in investment funds and setting limits on total investment ratios. Given that there will be a transition period, we do not expect a significant short-term impact; however, the process of reducing fund positions in the relevant stocks will be closely monitored. These regulations should also reduce the risk of MSCI initiating a review in November to downgrade Türkiye from “emerging market” to “frontier market” status. Turning to Friday, the BIST 100 Index rose 0.5% to close at 14,641 points, at the intraday high, extending its winning streak to a fourth consecutive week. However, some loss of momentum has become evident over the course of the week. The five companies making the largest positive contributions to the index on Friday were TUPRS, KTLEV, HALKB, EREGL, and BIMAS, while DSTKF, ODINE, BSOKE, MGROS, and TRALT were the main negative contributors. The stocks that stood out with consistent net money inflows throughout the week were CWENE, EUPWR, YKBNK, SASA, CANTE, RYGYO, ANELE, SELEC, EGEGY, CATES, KRPLS, and AGESA. From a technical perspective, the 14,700 / 14,730 resistance zone and the 14,500 / 14,570 support zone can be monitored during the day. On today’s agenda, the domestic 2Q26 GDP growth data will be released. Finally, Türkiye’s 5-year CDS premiums are starting the day at 217 basis points.