Tacirler Yatırım: Daily Bulletin
Good morning! The recent announcement of the minimum wage increase has brought some relief to the market, with the hike falling in line with expectations and not expected to fuel inflation or hinder potential interest rate cuts by the Monetary Policy Committee (MPC). This has helped ease a bit of the uncertainty that has been weighing on Borsa Istanbul recently, and we are anticipating a positive start on the market today, with continued buying activity.
Looking at the numbers, the BIST 100 index, which closed yesterday at 9,672, could potentially reach the 9,750–9,800 range in the early hours of trading. In the coming days, we might even see it surpass 10,000 and aim for the 10,100–10,300 range, similar to levels seen when concerns about the minimum wage first surfaced.
Sectors like banks, holdings, and real estate investment trusts (REITs), as well as industries like food and textile retail that rely heavily on labor, are likely to see a boost from potential interest rate cuts. Overall, the market is expected to trend positively as easing market rates can lead to higher company valuations.
Internationally, many markets will be closed today for the Christmas holiday, creating a calm trading environment that may continue until the end of the year. However, domestically, we anticipate buying activity to persist as the MPC is expected to kick off the interest rate cut cycle. This momentum could last until 2:00 PM tomorrow, with the chance of further buying if a significant rate cut is announced.
Today’s agenda is relatively quiet, with a focus on monitoring the real sector confidence index and capacity utilization domestically. Turkey’s 5-year CDS premiums are starting at 259 basis points, and we may see a decrease in these levels as the day unfolds.
