Daily Comment

World equity market indices generally ended higher midweek on continuing optimism over global growth, while oil prices also rose further. The BIST100 closed 0.7% higher at 105,964 with the lead of the banking sector index that had gained 2.0%, thanks to the relative recovery of the TRY and retreat in benchmark yields. Total trading volume in the stock market was at TRY 8.2bn. The minutes of the US Fed’s latest meeting said that FOMC members expect that interest rates will have to be raised in the near term, while expressing concern over lower inflation. The meeting minutes were generally perceived as dovish by market participants, and the US$ has consequently lost some value. The USD/TRY rate is at 3.92 at the time of this writing. Today, the US markets will be closed for Thanksgiving. Asian markets have been trading mixed today as the Japanese are closed. European markets are expected to open almost unchanged. We expect the BIST to open on a slightly positive note today. The upturn may continue should TRY depreciation subside and benchmark yields continue to retreat. RESISTANCE: 106,600-107,700 SUPPORT: 105,400-104,000.