The BIST100 Index started Wednesday on a positive trend, although with intraday sales the circuit breaker was applied, and the Index closed the day at 4,713.39, down 5.29%. While the Industrial Index diverged positively, down 4.62%, the Banking Index diverged negatively, down 7.85%. In addition to rising political uncertainty as the elections approach, the increased return on deposits and currency protected deposits has also impacted sales at Borsa Istanbul. However, we believe that stocks with strong expectations during the results season will maintain the positive divergence. On the global side, the Fed meeting was followed yesterday. In line with expectations, the Fed increased interest rates by 25 bps. Speaking after the meeting, Chairman Powell said that the disinflationary process had begun, but that it was being followed and that the Fed did not want to be over tightened. With the markets finding Powell's statements dovish, the dollar depreciated and risky assets gained value. The U.S. Stock Markets ended the day with gains of up to 2%. The VIX dropped below 18, indicating decreased volatility in the U.S. Stock Markets. If the economic data to be announced in the coming periods supports the easing monetary policy we expect risk appetite to maintain its strong course and the upward momentum of the indices to continue. The meetings of the BoE and ECB will be followed today. Expectations are for both banks to increase interest rates by 50 bps each. Verbal guidance after the meeting will be scoped by the markets. The U.S. futures were mixed this morning, while German DAX futures were positive. Asian Stock Markets were on the rise. Domestically, the VIOP-30 Index ended the evening session with a flat negative trend. We expect the Index to start Thursday with a positive trend, and sales may lose momentum. And while selling pressure continues during the day, we foresee reaction purchases taking place. SUPPORT: 4,700 - 4,601 RESISTANCE: 4,849 - 4,927.
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