Daily Bulletin

Good morning. Oil prices are moving below the $100 level, while U.S. Treasury yields have also eased back below 5%. Against this backdrop, U.S. and European equities saw strong buying yesterday, while gains are continuing this morning in Asian markets and equity index futures. Despite the Fed moving to its first rate hike in three years and expectations for further rate hikes in the coming months, expectations that inflation will be brought under control while growth remains resilient may continue to provide support. Domestically, we are monitoring regulatory developments concerning funds. Following yesterday morning’s meeting of the Financial Stability Committee, the CBRT, CMB and BRSA issued various decisions and statements throughout the day. Overall, these measures, aimed at easing liquidity constraints, managing fund transactions within a defined liquidation process and relieving pressure on the banking system, helped the BIST recover to 13,509 points following a gain of nearly 3% yesterday. After falling from around 14,400 to near 13,000 over the past week and subsequently recovering toward 13,500, we expect the recovery to continue. However, volatility may persist. The top five stocks contributing positively to the index yesterday were ASELS, AKBNK, THYAO, YKBNK and BIMAS, while DSTKF, KTLEV, IEYHO, KUYAS and SASA had the largest negative impact. The stocks that have stood out with consistent fund inflows over the past week are TURSG, TKFEN, AEFES, AGYO, DMRGD, ISDMR, AVPGY, KRTEK and GSDDE. From a technical perspective, the 14,000 / 14,200 area can be monitored as the initial resistance zone, while 13,250 and 12,950 stand out as support levels. The economic calendar is relatively light today. Turkey’s 5-year CDS premiums are starting the day at 233 basis points. CDS spreads had been trending higher for some time, while a 3-basis-point decline this morning stands out.