2026 Bourse Report Card: Dollar-Based Realities Amid the TL Illusion

In the first seven months of 2026, Borsa İstanbul exhibited a modest rise in Turkish Lira terms, yet analyzes based on foreign exchange clearly revealed the market's fragile structure and the severity of currency pressure. Data from Matriks Haber demonstrates that investors are confronted with a widening performance gap between the local currency and the global reserve currency.

The Shadow of Currency Divergence and Index Dynamics

The performance of stocks in the BISTTUM index presented two contrasting pictures when measured in two different currencies, signaling macroeconomic risks:

■ While 287 stocks gained value in TL terms, 282 stocks retreated.

■ In dollar terms, however, the picture turned predominantly red; 334 stocks lost value, while only 233 stocks recorded gains.

■ Only 2 stocks showed no change in dollar terms.

These data confirm that the limited rise seen in TL terms is largely sourced from currency volatility and inflationary movements, while a real asset loss is experienced in dollar terms.

Sectors Aiming for the Peak and Underperformers

The companies occupying the top spots in the dollar-based performance ranking showcased investors' risk appetite and orientation towards specific sectors. Özata Denizcilik, a strong player in the maritime sector, stood out with a remarkable performance at the summit of the list.

■ Özata Denizcilik shares recorded a record increase of %2,115.25 in dollar terms.

■ Birleşim Grup Enerji took the second place with a %987.78 increase.

■ Hedef Holding rose by %909.45, while Odine Solutions and Anel Elektrik followed with gains of %610.20 and %575.50, respectively, ranking among the top gainers.

From an automotive and heavy industry perspective, the most critical detail in these figures is the broad-based value loss in dollar terms. Particularly for companies based on manufacturing and supply chains, the pressure created by import costs in this environment can severely erode margins. However, the presence of companies like Özata Denizcilik, which are open to foreign trade and directly affected by global transport demand, shows us that logistics and maritime transport are one of the rare sectors remaining resilient in this economic cycle. For investors, the main issue should be to get ahead of the return illusion in TL terms and identify structures that can compete in dollars and manage currency deficits.