MARKET WATCH (SEKER YATIRIM) MARKET WATCH - THURSDAY, JULY 23, 2026 OUTLOOK: THE BIST-100 INDEX STARTED WEDNESDAY WITH A LIMITED POSITIVE TREND AT 14,010.38, TURNING NEGATIVE IN THE EARLY HOURS OF THE SESSION BUT FOLLOWING A BULLISH TREND THEREAFTER. WITH STRONGER BUYING TOWARDS THE CLOSE, THE INDEX ENDED AT 14,138.85, UP 1.18%. THE INDUSTRIAL INDEX GAINED 0.60%, WHILE THE BANKING INDEX GAIN WAS LIMITED TO 0.08%. THE WEAKEST PERFORMER OF THE DAY WAS THE TEXTILE AND LEATHER INDEX WITH A 2.62% LOSS, WHILE THE STRONGEST WAS THE TECHNOLOGY INDEX WITH A 2.46% GAIN. THE VIOP AUGUST FUTURES CONTRACT FOR THE NEAR-TERM INDEX ROSE 0.08% IN THE EVENING SESSION. GLOBAL EQUITY MARKETS GAVE A MIXED PERFORMANCE YESTERDAY. EUROPEAN STOCK MARKETS SAW BUYING ACTIVITY, WITH THE GERMAN DAX INDEX RISING BY 0.58% AND THE EURO STOXX 50 INDEX BY 0.57%. RISK APPETITE REMAINED WEAKER IN THE U.S., WITH THE DOW JONES INDEX FALLING 0.01%, THE S&P 500 INDEX 0.14%, AND THE NASDAQ INDEX 0.57%. INCREASED CAPITAL EXPENDITURES OF ALPHABET AND TESLA FOR AI, DATA CENTER, AND ROBOTICS INVESTMENTS HIGHLIGHTED CONCERNS OVER FINANCING AND PAYBACK PERIODS FOR THESE INVESTMENTS. IN GEOPOLITICS, HOUTHI ATTACKS ON OIL TANKERS IN THE RED SEA AND A POSSIBLE ESCALATION OF THE U.S.-IRAN CONFLICT PUSHED BRENT CRUDE ABOVE USD92 THIS MORNING, WHILE RISING ENERGY PRICES INCREASED PRESSURE ON GLOBAL INFLATION AND INTEREST RATE EXPECTATIONS. ASIAN STOCK MARKETS ROSE ON EXPECTATIONS THAT AI INVESTMENTS WILL SUPPORT CHIP DEMAND, WITH THE SOUTH KOREAN KOSPI INDEX SHOWING A POSITIVE DIVERGENCE, UP MORE THAN 4%. IN FUTURES MARKETS, U.S. AND EUROPEAN FUTURES ARE SHOWING LIMITED NEGATIVE PRICING. TODAY, DOMESTICALLY, THE CONSUMER CONFIDENCE INDEX, CBRT FX RESERVES, WEEKLY MONEY AND BANKING STATISTICS, AND WEEKLY SECURITIES STATISTICS WILL BE MONITORED. THE MAIN FOCUS OF THE MARKETS WILL BE THE CBRT`S INTEREST RATE DECISION AND STATEMENT TO BE ANNOUNCED AT 2 PM FOLLOWING THE MPC MEETING. MARKET EXPECTATIONS ARE THAT THE CBRT WILL NOT CHANGE INTEREST RATES AT THIS MEETING. DUE TO THE UPWARD RISKS POSED BY CONFLICT IN THE MIDDLE EAST TO ENERGY PRICES AND THE INFLATION OUTLOOK, THE BANK IS EXPECTED TO MAINTAIN ITS CURRENT TIGHT MONETARY POLICY STANCE AND OVERNIGHT FUNDING-WEIGHTED COMPOSITION. ON THE GLOBAL DATA AGENDA, THE ECB INTEREST RATE DECISION, EUROZONE CONSUMER CONFIDENCE, AND U.S. WEEKLY JOBLESS CLAIMS DATA STAND OUT TODAY. WHILE THE ECB IS EXPECTED TO KEEP INTEREST RATES UNCHANGED AT THIS MEETING, PRESIDENT LAGARDE`S MESSAGES REGARDING SEPTEMBER WILL BE THE FOCUS OF GLOBAL MARKETS. LOCALLY, WE EXPECT THE BENCHMARK INDEX TO START THURSDAY WITH A LIMITED POSITIVE TREND FOLLOWED BY VOLATILE INTRADAY MOVEMENTS. SUPPORT: 14,000 - 13,855 RESISTANCE: 14,210 - 14,285. MONEY MARKET: THE LIRA WAS NEGATIVE YESTERDAY, WEAKENING 0.04% AGAINST THE USD TO CLOSE AT 47.2167. THE CURRENCY ALSO DEPRECIATED BY 0.07% AGAINST A BASKET OF $0.50 AND €0.50. MEANWHILE, THE LOCAL FIXED INCOME MARKETS WERE RELATIVELY FLAT. THE TEN-YEAR BENCHMARK BOND ENDING AT 34.82%, UNCHANGED FROM ITS PREVIOUS CLOSING. COMPANY NEWS: ARCELIK (ARCLK.TI OP) HAS SIGNED A PROTOCOL WITH THE DIRECTORATE OF URBAN TRANSFORMATION FOR THE DESIGNATION AND DEVELOPMENT OF ITS PROPERTIES IN ISTANBUL`S BEYLIKDUZU AND TUZLA DISTRICTS, COVERING A TOTAL AREA OF 699,217 SQM, AS RESERVE DEVELOPMENT AREAS. UNDER THE PROTOCOL, FOLLOWING THE DEDUCTION OF LAND ALLOCATED FOR PUBLIC SERVICES, 30% OF THE DEVELOPABLE LAND WILL REMAIN WITH THE DIRECTORATE, WHILE THE REMAINING 70% WILL BE TRANSFERRED BACK TO ARCELIK FREE OF CHARGE. THE POTENTIAL DIRECT SALE OR PROJECT DEVELOPMENT OF THE PROPERTIES, WHICH HAD A NET BOOK VALUE OF TRY 1.75BN AS OF MARCH 31, 2026, COULD SUPPORT VALUE CRYSTALLIZATION, ALTHOUGH THE ULTIMATE FINANCIAL IMPACT REMAINS UNCERTAIN. GIRISIM ELEKTRIK (GESAN.TI N/C) HAS SIGNED A EUR 7.13MN (APPROXIMATELY TRY 384.3MN), EXCLUDING VAT, CONTRACT WITH A DOMESTIC INSTITUTION FOR THE ENGINEERING, PROCUREMENT AND CONSTRUCTION OF A TRANSFORMER SUBSTATION PROJECT IN ANKARA. WE BELIEVE THE CONTRACT COULD SUPPORT THE COMPANY`S BUSINESS VOLUME AND REVENUE VISIBILITY. MOODY`S RATINGS HAS AFFIRMED THE CREDIT RATINGS AND `STABLE` OUTLOOKS OF SIX TURKISH BANKS, INCLUDING ISBANK (ISCTR.TI OP), VAKIFBANK (VAKBN.TI OP) AND YAPI KREDI BANK (YKBNK.TI OP). MOODY`S REVIEW OF TURKIYE`S SOVEREIGN RATING IS SCHEDULED FOR 24 JULY. ZORLU ENERGY (ZOREN.TI MP): MOODY`S HAS AFFIRMED THE COMPANY`S LONG-TERM CFR AT `B3`, PDR AT `B3-PD` AND THE RATING ON ITS GUARANTEED SENIOR UNSECURED NOTES AT `B3`, WHILE REVISING THE OUTLOOK ON THE RATINGS TO `NEGATIVE` FROM `STABLE`. ALTHOUGH THE RATINGS WERE UNCHANGED, WE VIEW THE NEGATIVE OUTLOOK AS UNFAVORABLE IN TERMS OF PERCEPTIONS REGARDING THE COMPANY`S CREDIT PROFILE AND REFINANCING RISKS. SEKER YATIRIM MENKUL DEGERLER A.S WWW.SEKERYATIRIM.COM.TR *** YASAL UYARI BURADA YER ALAN YATIRIM BILGI, YORUM VE TAVSIYELER YATIRIM DANISMANLIGI KAPSAMINDA DEGILDIR.YATIRIM DANISMANLIGI HIZMETI ARACI KURUMLAR, PORTFOY YONETIM SIRKETLERI, MEVDUAT KABUL ETMEYEN BANKALAR ILE MUSTERI ARASINDA IMZALANACAK YATIRIM DANISMANLIGI SOZLESMESI CERCEVESINDE SUNULMAKTADIR.BURADA YER ALAN YORUM VE TAVSIYELER, YORUM VE TAVSIYEDE BULUNANLARIN KISISEL GORUSLERINE DAYANMAKTADIR.BU GORUSLER MALI DURUMUNUZ ILE RISK VE GETIRI TERCIHLERINIZE UYGUN OLMAYABILIR.BU NEDENLE, SADECE BURADA YER ALAN BILGILERE DAYANILARAK YATIRIM KARARI VERILMESI BEKLENTILERINIZE UYGUN SONUCLAR DOGURMAYABILIR. 23.07.2026 09:35:45