The BIST 100 Index started Wednesday on a positive trend, closing at 7,855.06, down 2.51%. Stocks of high index weight such as THYAO, TUPRS, and SASA made the strongest negative contribution to the index in point terms. The Industrial Index shed 3.57%, while the Banking Index diverged positively, up 0.45%. Expectations that rising interest rates and inflation accounting would negatively affect industrial companies lead to sales in industrial stocks, while bank stocks are on a positive trend due to factors such as the transition to rational policies and the decline in CDS. As the policy transition continues, we expect the positive divergence in banks to be maintained. Yet as deposit interest rates approach 45% at the BIST, the mounting appeal of alternative income instruments and rise in stock loan interest curb interest in the bourse as reflected in weak transaction volume. In global markets, sales are observed in indices due to growth concerns following weak economic data. Midweek, while Asian and European stock markets ended the day with increases, the U.S. Stock Markets were on the decline. This morning, the U.S. futures, German DAX futures and Asian Stock Markets are following a selling trend. As long as the perception that the Fed's interest rate hikes are coming to an end continues we expect risk appetite to remain strong, withdrawals to present buying opportunities, and the uptrend in major stock markets to be maintained. Domestically, the VIOP-30 Index ended the evening session up 0.24%. While the Benchmark Index is expected to start Thursday with reactionary purchases, we expect intraday rises to invite profit-taking, extending the weak and fluctuating trajectory. SUPPORT: 7,850 - 7,738 RESISTANCE: 7,940 - 8,020.
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