MARKET WATCH(SEKER YATIRIM) MARKET WATCH - FRIDAY, JULY 24, 2026 OUTLOOK: THE BIST-100 INDEX STARTED THURSDAY WITH LIMITED POSITIVE MOMENTUM AT 14,150.52, TESTING 14,228.02 IN THE EARLY HOURS OF THE SESSION, WHILE TRADING IN POSITIVE TERRITORY. AT YESTERDAY`S MPC MEETING THE CBRT KEPT THE POLICY INTEREST RATE, THE ONE-WEEK REPO AUCTION RATE, AT 37%, IN LINE WITH MARKET EXPECTATIONS. THE DECISION STATEMENT REITERATED THE MESSAGE THAT THE MONETARY POLICY STANCE COULD BE FURTHER TIGHTENED IF THERE WAS A SIGNIFICANT AND LASTING DETERIORATION IN THE INFLATION OUTLOOK, WHILE ONCE AGAIN EMPHASIZING THE CAUTIOUS APPROACH TO UPWARD RISKS TO INFLATION. FOLLOWING THE DECISION, RISK APPETITE IN THE BENCHMARK INDEX DECLINED, AND INTRADAY GAINS WERE REVERSED AMID INCREASED SELLING PRESSURE. THE INDEX CLOSED THE DAY AT 14,077.67, DOWN 0.43%. THE BANKING INDEX LOST 0.22%, WHILE THE INDUSTRIAL INDEX SHOWED A POSITIVE DIVERGENCE WITH A 0.77% GAIN. THE WEAKEST PERFORMER OF THE DAY WAS THE COMMUNICATIONS INDEX, WHICH FELL BY 5.35%, WHILE THE STRONGEST WAS THE MINING INDEX, UP 4.47%. THE AUGUST FUTURES CONTRACT FOR THE NEAR-TERM VIOP INDEX RECORDED A LIMITED DECREASE OF 0.07% IN THE EVENING SESSION. ACCORDING TO CBRT DATA, GROSS RESERVES DECREASED BY USD2.8 BILLION TO USD160.5 BILLION IN THE WEEK OF JULY 17, WHILE NET RESERVES EXCLUDING SWAPS ALSO DECREASED BY USD4.8 BILLION TO USD37.7 BILLION. RISK APPETITE WAS WEAK IN GLOBAL EQUITY MARKETS ON THURSDAY. HEIGHTENED MILITARY TENSION IN THE MIDDLE EAST WEIGHED ON GLOBAL RISK APPETITE, WHILE THE CONTINUED UPTREND IN OIL PRICES KEPT GLOBAL INFLATION CONCERNS ON THE AGENDA. ON THE EUROPEAN SIDE, THE ECB KEPT ITS THREE MAIN POLICY INTEREST RATES UNCHANGED, IN LINE WITH MARKET EXPECTATIONS. THE BANK EMPHASIZED THAT UNCERTAINTY PERSISTS DUE TO VOLATILE ENERGY PRICES AND GEOPOLITICAL DEVELOPMENTS, INDICATING THAT ITS DATA-DRIVEN, MEETING-BASED APPROACH TO MONETARY POLICY WILL CONTINUE. THE GERMAN DAX INDEX CLOSED THE DAY DOWN 1.56%, WHILE THE EURO STOXX 50 INDEX ALSO FELL 1.63%. IN THE U.S. MARKETS, APPETITE WAS WEAK, WITH SELLING PRESSURE LED BY TECHNOLOGY STOCKS. THE DOW JONES INDEX FELL 0.97%, THE S&P 500 INDEX FELL 1.21%, AND THE NASDAQ INDEX FELL 2.15%. THIS MORNING, THE FOCUS OF GLOBAL MARKETS IS ON PRESIDENT TRUMP`S THREAT TO FURTHER ESCALATE ATTACKS ON IRAN AND NEWS THAT THE U.S. WILL IMPLEMENT A NEW TARIFF REGIME WITH TARIFFS RANGING FROM 10% TO 12.5% ON IMPORTS FROM MOST OF ITS MAJOR TRADING PARTNERS. ASIAN STOCK MARKETS ARE EXPERIENCING SELLING PRESSURE, WITH THE SOUTH KOREAN KOSPI INDEX DOWN OVER 5% AND THE JAPANESE NIKKEI INDEX NEARLY 3%. IN FUTURES MARKETS, U.S. FUTURES ARE GIVING A LIMITED NEGATIVE PERFORMANCE, WHILE EUROPEAN FUTURES ARE GIVING A LIMITED POSITIVE ONE. THERE ARE NO MAJOR DOMESTIC DATA RELEASES SET TO IMPACT MARKETS TODAY. INSTEAD, ATTENTION WILL FOCUS ON THE EXPECTED MOODY`S ANNOUNCEMENT ON TURKIYE`S CREDIT RATING AFTER THE MARKET CLOSES. GLOBALLY, KEY DATA RELEASES TODAY INCLUDE DEVELOPED MARKET PMI FIGURES AND U.S. NEW HOME SALES DATA. LOCALLY, WE EXPECT THE BENCHMARK INDEX TO START FRIDAY WITH A LIMITED NEGATIVE PERFORMANCE AND EXPERIENCE VOLATILE INTRADAY MOVEMENTS. SUPPORT: 14,000 - 13,915 RESISTANCE: 14,190 - 14,300. MONEY MARKET: THE LIRA WAS NEGATIVE YESTERDAY, WEAKENING 0.03% AGAINST THE USD TO CLOSE THE DAY AT A LOW OF 47.2329. THE CURRENCY ALSO APPRECIATED BY 0.07% AGAINST A BASKET OF $0.50 AND €0.50. MEANWHILE, THE LOCAL FIXED INCOME MARKETS WERE NEGATIVE. THE TEN-YEAR BENCHMARK BOND WAS TRADED WITHIN A RANGE OF 35.15%-35.30%, ENDING THE DAY AT A HIGH OF 35.30%, 48 BPS ABOVE ITS PREVIOUS CLOSING. HEADLINES: THE CENTRAL BANK OF THE REPUBLIC OF TURKIYE (CBRT) KEPT ITS POLICY RATE UNCHANGED AT 37%, IN LINE WITH MARKET EXPECTATIONS - THE CBRT ALSO LEFT THE OVERNIGHT LENDING RATE UNCHANGED AT 40% AND THE OVERNIGHT BORROWING RATE AT 35.5%. IN THE MONETARY POLICY COMMITTEE (MPC) STATEMENT, THE CBRT NOTED THAT THE UNDERLYING TREND OF INFLATION HAD EASED MODERATELY IN JUNE, WHILE ADDING: `LEADING INDICATORS SUGGEST THAT THE UNDERLYING TREND WILL TEMPORARILY INCREASE IN JULY. AS UNCERTAINTY HAS RISEN DUE TO GEOPOLITICAL DEVELOPMENTS, ENERGY PRICES HAVE RESUMED AN UPWARD TREND. RECENT DATA ALSO INDICATES THAT THE WEAKNESS IN DOMESTIC DEMAND HAS BECOME MORE PRONOUNCED. THE EFFECTS OF GEOPOLITICAL DEVELOPMENTS ON THE INFLATION OUTLOOK THROUGH THE COST CHANNEL, ECONOMIC ACTIVITY, AND EXPECTATIONS ARE BEING CLOSELY MONITORED.` THE CBRT EMPHASIZED THAT ITS TIGHT MONETARY POLICY STANCE, WHICH WILL BE MAINTAINED UNTIL PRICE STABILITY IS ACHIEVED, WILL CONTINUE TO SUPPORT THE DISINFLATION PROCESS THROUGH THE DEMAND, EXCHANGE RATE, AND EXPECTATIONS CHANNELS. THE MONETARY POLICY COMMITTEE HAS STATED THAT DECISIONS REGARDING THE POLICY RATE WILL BE DETERMINED IN A MANNER THAT ENSURES THE DEGREE OF MONETARY TIGHTNESS REQUIRED BY THE DISINFLATION PROCESS, TAKING INTO ACCOUNT REALIZED AND EXPECTED INFLATION AS WELL AS THE UNDERLYING TREND OF INFLATION. THE STATEMENT ALSO REITERATED THAT MONETARY POLICY DECISIONS WILL CONTINUE TO BE MADE ON A MEETING-BY-MEETING BASIS WITH A PRUDENT APPROACH FOCUSED ON THE INFLATION OUTLOOK. FURTHERMORE, THE CBRT REAFFIRMED THAT, SHOULD A SIGNIFICANT AND PERSISTENT DETERIORATION IN THE INFLATION OUTLOOK OCCUR, THE MONETARY POLICY STANCE WOULD BE TIGHTENED FURTHER. 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. 24.07.2026 09:44:08