BIST 100 Tech Rally and the 13,500 Point Test

The BIST 100 index on Borsa Istanbul closed the first half of the day with a 0.51% gain, fueled by risk appetite from strong corporate earnings, despite persistent geopolitical risk perceptions amidst ongoing peace negotiations in the Middle East.

Sectoral Divergence Led by Technology

Reaching 13,478.97 points with a 68.43 point increase, the index recorded a total trading volume of 75.6 billion lira. Intra-market rotation shaped up at notable levels:

■The Informatics index rose by 2.81%, and the technology index gained 2.87%, leading the rally, while the industrial index gained 0.55% and the services index 0.37%.

■The Holding index contributed to the rise with a 0.46% increase, contrasting with the negatively diverging banking index (-0.95%).

■The Food and Beverage sector was the worst performer, falling by 1.13%.

■The most traded stocks were Turkish Airlines, ASELSAN, Akbank, Turkish Gold Operations, and Türkiye İş Bankası (C).

Technical Levels Amidst Global Uncertainty Shadows

A mixed trend prevails in global markets, while domestic and foreign data flows play a critical role in the search for direction. Technically, the index continues its search for direction fluctuating between 13,395.94 low and 13,543.79 high points. Analysts point to the following data on the calendar:

■The real effective exchange rate data will be closely monitored domestically.

■In US markets, foreign trade balance, JOLTS job openings, and durable goods orders are on the agenda.

■For BIST 100, the 13,400 and 13,300 point levels are noted as strong support, while 13,600 and 13,700 point levels serve as resistance.

Bond and Commodity Front

In the Borsa Istanbul Bond and Bill Market, the compound yield of the benchmark 15 March 2028 maturity bond rose to 41.72%. In international markets, commodity prices are showing a volatile course:

■USD/TRY is finding buyers at 47.5600, and EUR/TRY at 54.7740.

■Brent crude oil price climbed to $85.7 with a 2.3% increase, while gold ounce traded at $4,050.

Our algo-trading models indicate that short-term momentum in BIST 100 remains preserved above the 13.400 Fibonacci support. However, weakness in the banking sector may question the quality of this rally. The Ichimoku cloud's upper band at 13,700 serves as a critical threshold for a major reversal; a daily close above this level could trigger a new wave of buying.