MARKET WATCH (SEKER YATIRIM)

MARKET WATCH (SEKER YATIRIM)

OUTLOOK:
THE BIST100 INDEX, WHICH STARTED WEDNESDAY ON A POSITIVE, REVERSED DIRECTION AND TURNED DOWNWARD AMID INCREASED SELLING PRESSURE FOLLOWING THE CENTRAL BANK OF THE REPUBLIC OF TURKIYE’S (CBRT) INTEREST RATE DECISION. THE BENCHMARK INDEX, WHICH DECLINED TO AS LOW AS 14,243.57 POINTS DURING THE DAY, MANAGED TO RECOVER SOME OF ITS LOSSES TOWARD THE CLOSE BUT STILL FINISHED THE SESSION AT 14,335.49, DOWN 0.28%. AT ITS MONETARY POLICY COMMITTEE (MPC) MEETING DATED APRIL 22, THE CBRT KEPT THE POLICY RATE UNCHANGED AT 37%, IN LINE WITH MARKET EXPECTATIONS, WHILE EMPHASIZING THAT THE TIGHT MONETARY POLICY STANCE WOULD BE MAINTAINED. THE COMMITTEE HIGHLIGHTED SHORT-TERM UPSIDE RISKS TO INFLATION AND STATED THAT ADDITIONAL TIGHTENING COULD BE IMPLEMENTED IF THE OUTLOOK DETERIORATES. FOLLOWING THE DECISION, SECTOR INDICES SHOWED DIVERGENCE. THE BANKING INDEX UNDERPERFORMED WITH A LOSS OF 1.38%, WHILE THE INDUSTRIAL INDEX DECLINED BY A LIMITED 0.30%. THE LEASING AND FACTORING INDEX WAS THE TOP PERFORMER OF THE DAY WITH A 3.83% GAIN, WHEREAS THE BROKERAGE HOUSES INDEX POSTED THE WEAKEST PERFORMANCE WITH A SHARP DECLINE OF 7.14%. IN WEDNESDAY`S EVENING SESSION, THE VIOP INDEX FUTURES CONTRACT ROSE BY 0.36%. ON THE GLOBAL FRONT, DURING THE PERIOD WHEN DOMESTIC MARKETS WERE CLOSED FOR THE APRIL 23 NATIONAL SOVEREIGNTY AND CHILDREN’S DAY HOLIDAY, GEOPOLITICAL RISKS RELATED TO THE STRAIT OF HORMUZ AND NEWS FLOW REGARDING DIPLOMATIC CONTACTS BETWEEN THE U.S. AND IRAN CAME TO THE FOREFRONT. IN EUROPE, GERMANY’S DAX INDEX FELL BY 0.16% AND THE EURO STOXX 50 INDEX DECLINED BY 0.32%. IN THE U.S., THE DOW JONES INDEX DROPPED BY 0.36%, THE S&P 500 INDEX BY 0.41%, AND THE NASDAQ INDEX BY 0.89%. THE FRAGILE NATURE OF THE CEASEFIRE CONTINUES TO WEIGH ON MARKETS, WHILE ONGOING RISKS TO ENERGY SUPPLY KEEP UPWARD PRESSURE ON OIL PRICES. RISK APPETITE IN GLOBAL MARKETS REMAINS FRAGILE AND VOLATILE. AS THE NEW DAY BEGINS, BRENT CRUDE SPOT PRICES HAVE FALLEN BY APPROXIMATELY 1.5%, DROPPING BACK BELOW THE USD100 LEVEL. WHILE MOST ASIAN MARKETS ARE TRADING NEGATIVELY, JAPAN’S NIKKEI INDEX IS DIVERGING POSITIVELY WITH A GAIN APPROACHING 1%. IN FUTURES MARKETS, U.S. INDEX FUTURES ARE MIXED, WHILE SELLING PRESSURE IS MORE PRONOUNCED IN EUROPEAN INDEX FUTURES. ON THE MACROECONOMIC DATA FRONT, THE CBRT’S WEEKLY SECURITIES DATA AND WEEKLY MONETARY AND BANKING NUMBERS WILL BE FOLLOWED DOMESTICALLY, WHILE THE U.S. MICHIGAN CONSUMER SENTIMENT DATA STANDS OUT ABROAD. WITHIN THIS FRAMEWORK, WE EXPECT THE BIST100 INDEX TO START FRIDAY WITH A SLIGHTLY NEGATIVE TONE AND EXHIBIT A VOLATILE INTRADAY COURSE


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