Daily Bulletin

Good morning. The global outlook is positive. Borsa Istanbul is flat around 9,650 for the past four days, following a strong rally from 9,000 to 9,700 in just two days last week. While this stagnation indicates a pause near the two-month peak zone, it also reflects some weakening in momentum. Given that U.S. markets will have a half-day session today, trading volumes may remain limited. However, the release of the Q3 2024 GDP growth data, expected with the opening of the domestic market, will be critical. The consensus points to 2.5% annual growth with a 0.2% quarterly contraction, though our expectation at Tacirler Investment suggests a weaker growth performance. Additionally, today marks the final trading day for November futures contracts in VIOP. Arbitrage position closures could exert some pressure on BIST. In a technical view, as long as the BIST 100 index remains above the short-term support zone of 9,400–9,500, we maintain our view that the resistance range of 9,700–10,000 is being targeted. The 12-month average target for the BIST 100 index continues to indicate levels around 13,000. Meanwhile, Turkey’s 5-year CDS premiums remain stable at 257 basis points