MARKET WATCH (SEKER YATIRIM) MARKET WATCH - FRIDAY, JULY 31, 2026 OUTLOOK: THE BIST-100 INDEX STARTED THURSDAY NEGATIVELY, CONTINUED ITS DOWNTREND LED BY SALES IN BANK STOCKS AND CLOSED THE DAY AT 13,292.93, DOWN 1.55%. HAVING RETREATED TO ITS LOWEST LEVELS IN TWO MONTHS, THE BIST`S LOSS OVER THE PAST SIX DAYS REACHED 5.98%. THE BANKING INDEX LOST 2.41%, WHILE THE INDUSTRIAL INDEX LOST 0.64%. THE DAY`S WEAKEST PERFORMER WAS THE TECHNOLOGY INDEX WITH A 4.68% LOSS, WHILE THE STRONGEST PERFORMER WAS THE MINING INDEX WITH A 3.29% GAIN. THE VIOP AUGUST FUTURES CONTRACT FOR THE NEAR-TERM INDEX CLOSED THE EVENING SESSION UP 0.12%. ACCORDING TO DATA RELEASED BY THE CBRT YESTERDAY, IN THE WEEK ENDING JULY 24TH, FOREIGN INVESTORS MADE NET PURCHASES OF USD38.9 MILLION IN EQUITIES AND USD805.5 MILLION IN GOVERNMENT BONDS. IN THE SAME WEEK, GROSS RESERVES ROSE 1.3% COMPARED TO THE PREVIOUS WEEK, REACHING USD162.6 BILLION, WHILE NET RESERVES EXCLUDING SWAPS INCREASED TO USD51.1 BILLION. GLOBALLY, A POSITIVE OUTLOOK PREVAILED YESTERDAY. EUROPEAN STOCK MARKETS GENERALLY CLOSED HIGHER, SUPPORTED BY BETTER-THAN-EXPECTED EUROZONE GROWTH DATA AND CORPORATE EARNINGS REPORTS, WHILE THE U.S. STOCK MARKETS CLOSED HIGHER, LED BY BUYING IN TECHNOLOGY STOCKS FOLLOWING MICROSOFT`S BETTER-THAN-EXPECTED EARNINGS REPORT. THE DOW JONES INDEX CLOSED UP 1.19%, THE S&P 500 INDEX UP 1.66%, AND THE NASDAQ INDEX UP 2.78%. THIS MORNING, RISK APPETITE IS SHOWING A POSITIVE TREND IN GLOBAL MARKETS. FOLLOWING THE CLOSE OF U.S. MARKETS, AMAZON AND APPLE`S BETTER-THAN-EXPECTED FINANCIAL RESULTS LED TO BUYING IN TECHNOLOGY STOCKS IN ASIAN MARKETS, WHILE THE U.S. AND EUROPEAN FUTURES ARE ALSO PRICED POSITIVELY. THIS MORNING, THE SOUTH KOREAN KOSPI INDEX IS TRADING WITH GAINS EXCEEDING 16%, WHILE THE JAPANESE NIKKEI INDEX IS UP OVER 4%. ON THE DATA AGENDA TODAY, THE JUNE FOREIGN TRADE BALANCE DATA WILL BE RELEASED DOMESTICALLY, WHILE GLOBALLY, THE EUROZONE`S PRELIMINARY JULY CPI DATA AND THE UNIVERSITY OF MICHIGAN CONSUMER CONFIDENCE INDEX IN THE U.S. WILL BE MONITORED. LOCALLY, WE EXPECT THE BENCHMARK INDEX TO START FRIDAY WITH A POSITIVE TREND DRIVEN BY BUYING ACTIVITY, AND TO ATTEMPT TO MAINTAIN THIS TREND THROUGHOUT THE DAY. SUPPORT: 13,180 - 13,120 RESISTANCE: 13,390 - 13,445. MONEY MARKET: THE LIRA WAS NEGATIVE YESTERDAY, WEAKENING 0.04% AGAINST THE USD TO CLOSE AT 47.4151. THE CURRENCY ALSO DEPRECIATED BY 0.77% 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 34.78%, UNCHANGED FROM ITS PREVIOUS CLOSING. COMPANY NEWS: BAREM AMBALAJ (BAREM.TI N/C) HAS ANNOUNCED FILING FOR A CONCORDAT PROCESS IN ORDER TO RESTRUCTURE ITS FINANCIAL OBLIGATIONS AND CONTINUE ITS OPERATIONS WITHOUT INTERRUPTION. THE COMPANY STATES THAT THE IZMIR 1ST COMMERCIAL COURT OF FIRST INSTANCE HAS GRANTED A THREE-MONTH TEMPORARY MORATORIUM PERIOD EFFECTIVE FROM 30 JULY 2026. MEANWHILE, BORSA ISTANBUL HAS ANNOUNCED THAT, TAKING INTO CONSIDERATION BAREM AMBALAJ`S MATERIAL DISCLOSURE DATED 30 JULY 2026 REGARDING ITS CONCORDAT APPLICATION, THE COMPANY`S SHARES, WHICH ARE TRADED ON THE BIST STARS MARKET, HAVE BEEN TRANSFERRED TO THE WATCHLIST MARKET. BIM BIRLESIK MAGAZALAR (BIMAS.TI OP) HAS COMPLETED ITS SHARE BUYBACK PROGRAM AFTER REPURCHASING 2.5MN SHARES FOR TRY 950.4MN AT AN AVERAGE PRICE OF TRY 380.17 BETWEEN JULY 3-30, 2026. INCLUDING TREASURY SHARES ACQUIRED UNDER PREVIOUS PROGRAMS, THE COMPANY`S TOTAL BIMAS SHARES HAVE REACHED 16.7MN, CORRESPONDING TO 1.3933% OF ITS SHARE CAPITAL. EMLAK KONUT (EKGYO.TI OP) HAS ANNOUNCED THAT A REVISION WAS MADE TO ONE OF THE BLOCKS WITHIN THE `ISTANBUL KUCUKCEKMECE BIZIM MAHALLE 1ST STAGE, 5TH STAGE RESIDENTIAL AND COMMERCIAL BUILDINGS, INFRASTRUCTURE AND LANDSCAPING WORKS` PROJECT, LOCATED ON BLOCK 881, PARCEL 2, IN THE HALKALI NEIGHBORHOOD OF ISTANBUL`S KUCUKCEKMECE DISTRICT. FOLLOWING THE REVISION, A NEW CONSTRUCTION PERMIT WAS OBTAINED ON 24 JULY 2026. WHILE THE NUMBER OF COMMERCIAL UNITS REMAINED UNCHANGED, THE TOTAL NUMBER OF RESIDENTIAL UNITS COVERED BY THE PERMIT WAS REVISED TO 529, BRINGING THE TOTAL NUMBER OF UNITS IN THE OVERALL PROJECT TO 555. YAPI KREDI (YKBNK.TI OP) HAS POSTED TRY 10.7BN NET PROFIT IN 2Q26, IN LINE WITH THE MARKET MEDIAN ESTIMATE (-47% QOQ, -5% YOY TRY 31.0BN IN 1H26, +36% YOY), WHILE CUMULATIVE ROTE FELL TO 23.4% FROM 31.5% IN 1Q26. THE QUARTERLY CONTRACTION WAS DRIVEN BY THE SWAP-ADJUSTED NET INTEREST MARGIN (BANK-ONLY), WHICH NARROWED BY 50BPS TO 2.67% ON FUNDING COST PRESSURE, A SHARP DECLINE IN TRADING INCOME (-54%) AND A 37% INCREASE IN NET EXPECTED CREDIT LOSSES THE CORE MARGIN IMPACT, HOWEVER, WAS LIMITED TO 2BPS. ASSET QUALITY DETERIORATION CONTINUED, WITH THE NPL RATIO RISING TO 4.3% AND NET COST OF RISK CLIMBING TO 201BPS IN 1H26 (2Q: 224BPS). WHILE THE BANK POINTED TO TRENDS BROADLY IN LINE WITH ITS BUDGET ON MARGIN, FEES AND COSTS, IT CONFIRMED THE RISK OF AN OVERSHOOT AGAINST ITS 150-175BPS COST OF RISK GUIDANCE, AND MAINTAINED ITS `HIGH-MID TWENTIES` ROTE TARGET AT 23.4%. THE CET-1 RATIO DECLINED BY 43BPS TO 9.4%, WHILE THE YAPI KREDI PORTFOY PARTNERSHIP IS EXPECTED TO CONTRIBUTE ~70BPS TO CAPITAL. 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. 31.07.2026 09:38:34