MARKET WATCH (SEKER YATIRIM)

MARKET WATCH (SEKER YATIRIM)

OUTLOOK:
THE BIST-100 INDEX STARTED TUESDAY POSITIVELY, CONTINUING THE TREND THROUGHOUT THE DAY TO CLOSE AT 13,217.60, UP 2.01%. ON A SECTORAL BASIS, THE BANKING INDEX SHOWED A POSITIVE DIVERGENCE WITH A 3.17% INCREASE, WHILE THE INDUSTRIAL INDEX`S RISE WAS LIMITED TO 0.88%. THE WEAKEST PERFORMER OF THE DAY WAS THE CHEMICALS, PETROLEUM, AND PLASTICS INDEX WITH A 0.18% LOSS, WHILE THE TECHNOLOGY INDEX WAS THE STRONGEST WITH A 5.34% INCREASE. THE VIOP APRIL FUTURES CONTRACT FELL BY 0.24% IN THE EVENING SESSION. A CAUTIOUSLY OPTIMISTIC OUTLOOK PREVAILED IN GLOBAL EQUITY MARKETS. THE U.S. STOCK MARKETS CLOSED THE DAY WITH LIMITED GAINS, WITH THE DOW JONES RISING 0.10%, THE S&P 500 0.25%, AND THE NASDAQ 0.47%. ON THE EUROPEAN SIDE, THE GERMAN DAX INDEX ROSE 0.71%, AND THE EURO STOXX 50 INDEX INCREASED BY 0.50%. RECALLING THEIR SIGNIFICANT SUPPORT FOR NATO DURING THE RUSSIA-UKRAINE WAR, PRESIDENT TRUMP REACTED HARSHLY TO CERTAIN EUROPEAN NATO MEMBERS WHO HAVE STATED THEY WILL NOT SUPPORT THE U.S., PARTICULARLY REGARDING THE STRAIT OF HORMUZ. WHILE GEOPOLITICAL RISKS AND HIGH ENERGY PRICES CONTINUE TO IMPACT GLOBAL MARKETS, INVESTOR FOCUS TODAY IS ON THE FED`S INTEREST RATE DECISION. WHILE MARKET EXPECTATIONS POINT TO A 98.9% PROBABILITY THAT INTEREST RATES WILL REMAIN UNCHANGED, THE DECISION TEXT, AND ESPECIALLY FED CHAIRMAN JEROME POWELL`S STATEMENTS, WILL BE CLOSELY WATCHED FOR SIGNALS REGARDING THE FUTURE OF MONETARY POLICY. ASSESSMENTS OF THE INCREASED UNCERTAINTY STEMMING FROM THE IRAN CONFLICT AND THE IMPACT OF HIGH ENERGY COSTS ON INFLATION AND GROWTH OUTLOOK COULD BE DECISIVE IN SHAPING INTEREST RATE CUT EXPECTATIONS FOR THE REMAINDER OF THE YEAR. A POSITIVE OUTLOOK IS EVIDENT IN ASIAN MARKETS THIS MORNING. THE JAPANESE NIKKEI INDEX IS TRADING WITH GAINS APPROACHING 3%, WHILE THE SOUTH KOREAN KOSPI INDEX IS UP OVER 4%. THE U.S. AND EUROPEAN STOCK MARKETS ARE ALSO PRICING POSITIVELY IN FUTURES MARKETS. IN THE MACROECONOMIC DATA CALENDAR TODAY, THE CBRT’S MPC MEETING SUMMARY STANDS OUT DOMESTICALLY, WHILE GLOBALLY, THE FED`S INTEREST RATE DECISION, EUROZONE CPI, AND THE U.S. PPI DATA WILL BE MONITORED. LOCALLY, WE EXPECT THE BENCHMARK INDEX TO START WEDNESDAY WITH LIMITED POSITIVE GAINS, FOLLOWED BY A VOLATILE INTRADAY COURSE. SUPPORT: 13,000 - 12,900 RESISTANCE: 13,300 - 13,400.
MONEY MARKET:
THE LIRA WAS NEGATIVE YESTERDAY, WEAKENING 0.10% AGAINST THE USD TO CLOSE THE DAY AT A LOW OF 44.2022. THE CURRENCY ALSO DEPRECIATED BY 0.27% AGAINST A BASKET OF $0.50 AND €0.50. MEANWHILE, THE LOCAL FIXED INCOME MARKETS WERE POSITIVE. THE TEN-YEAR BENCHMARK BOND WAS TRADED WITHIN A RANGE OF 32.32%-32.60%, ENDING THE DAY AT A LOW OF 32.32%, 47 BPS BELOW ITS PREVIOUS CLOSING.
COMPANY NEWS:
MAVI GIYIM (MAVI.TI N/C) HAS ANNOUNCED THAT ALL SHARES REPURCHASED TO DATE AND THOSE TO BE ACQUIRED UNDER THE ONGOING SHARE BUYBACK PROGRAM WILL BE CANCELLED VIA A CAPITAL REDUCTION WITHOUT CASH OUTFLOW UPON COMPLETION OF THE PROGRAM. THE BUYBACK PROGRAM REMAINS VALID FOR UP TO ONE YEAR, WHILE THE TOTAL NUMBER OF SHARES TO BE CANCELLED WILL BE FINALIZED UPON COMPLETION.
MAVI GIYIM (MAVI.TI N/C) HAS REPORTED A NET LOSS OF TRY 60MN IN 4Q25, COMPARED TO A NET PROFIT OF TRY 124MN IN 4Q24. THE MARKET MEDIAN EXPECTATION HAD BEEN FOR A NET PROFIT OF TRY 292MN IN 4Q25. THE COMPANY’S NET SALES REVENUES IN 4Q25 REMAINED BROADLY FLAT YEAR-ON-YEAR (DOWN 0.4% YOY) AT TRY 11,905MN, WHILE EBITDA INCREASED BY 24.1% YOY TO TRY 1,900MN (4Q24: TRY 1,531MN). NET SALES PRINTED IN LINE WITH THE MARKET MEDIAN EXPECTATION OF TRY 11,917MN, WHILE EBITDA EXCEEDED THE MEDIAN EXPECTATION OF TRY 1,680MN. THE COMPANY’S GROSS AND EBITDA MARGINS, WHICH STOOD AT 46.6% AND 12.8% IN 4Q24, ROSE TO 49.3% AND 16.0%, RESPECTIVELY, IN 4Q25. THE COMPANY HAS ALSO ANNOUNCED ITS EXPECTATIONS FOR 2026. ACCORDINGLY, IT FORECASTS NET SALES REVENUE GROWTH OF 5% ±1% (INCLUDING TMS-29) AND TARGETS AN EBITDA MARGIN OF 18% ±0.5%. THE COMPANY ALSO FORECASTS CAPITAL EXPENDITURES AT APPROXIMATELY 6% OF CONSOLIDATED REVENUE.
TURKCELL (TCELL.TI OP) HAS DECIDED TO DISTRIBUTE A DIVIDEND OF TRY 3.40 NET PER SHARE (GROSS DIVIDEND: TRY 4.00), WITH THE EX-DIVIDEND DATE SET FOR DECEMBER 9, 2026. BASED ON THE CLOSING PRICE AS OF MARCH 17, 2026, THE GROSS DIVIDEND CORRESPONDS TO A YIELD OF 3.07%.



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