Daily Bulletin

Good morning. With geopolitical tensions continuing, oil prices are approaching $100, while some institutions, including Goldman Sachs, are raising their forecasts and discussing scenarios in which prices could reach as high as $120, weighing on global risk appetite. In addition, the appreciation of the Japanese Yen and its approach toward one-year highs against the US dollar are raising concerns over the potential unwinding of carry trade positions. US futures are broadly flat this morning following yesterday’s sell-off, while European futures and Asian equities are generally trading lower. In Borsa Istanbul, the BIST recorded a notable 1.8% gain yesterday, led by banks, accompanied by one of the highest trading volumes on record and significant capital inflows, including foreign investor participation. Regulatory changes regarding the fund market, companies’ ownership ratios, free-float ratios and other related criteria could continue to drive volatility in the BIST for some time as investors adjust their positions. During such periods, trading opportunities are likely to emerge for investors who closely monitor the markets. However, we believe investors who cannot follow the screens continuously should remain focused on their medium- to long-term objectives. The top five companies contributing positively to the index yesterday were ISCTR, SISE, DSTKF, SASA and THYAO, while KTLEV, ODINE, PASEU, ASELS and BSOKE were the stocks that had the most negative impact on the index. The companies that have stood out with consistent capital inflows over the past week are ISCTR, TCELL, KCHOL, BIMAS, YKBNK, AEFES and TRCAS. For the BIST 100 Index, the 14,170 and 14,080 levels can be monitored as technical support, while 14,500 and 14,700–14,750 stand out as resistance levels. The economic agenda is relatively quiet today. Turkey’s 5-year CDS premium is starting the day at 217 basis points.