BIST Seeks Direction Before Holiday - Daily Bulletin

BIST Seeks Direction Before Holiday

Borsa Istanbul followed a flat positive trend ahead of the holiday, driven by developments on the US-Iran front. The BIST 100 index closed at 13,891 points, up 0.60%, while the banking index rose 2.28%. However, losses in Aselsan, BIM, and Tupras limited the gains.

Global Markets and Oil Prices

As diplomatic contacts between the US and Iran continue, oil prices have risen again. Brent crude increased over 1% to $97 per barrel. Although US defensive strikes on Iran tempered peace hopes, risk appetite in markets remained intact.

Economic Data and Expectations

According to TurkStat, the Economic Confidence Index rose 0.8% to 97.2 in May. The real sector confidence index increased 2.4%, while the construction sector confidence index fell 1.7%. Inflation data to be released after the holiday will be decisive for market direction.

Technical Outlook

The 14,000 level is the first major resistance for the BIST 100 index, while 13,720 and 13,500 serve as support in case of pullbacks. In the short term, military tensions, diplomatic contacts, and oil prices will continue to determine market direction.