MARKET WATCH (SEKER YATIRIM) MARKET WATCH - WEDNESDAY, SEPTEMBER 3, 2025 OUTLOOK: THE BIST 100 INDEX STARTED TUESDAY ON A BULLISH TREND, BUT EXPERIENCED SHARP SELLING UPON THE CANCELLATION OF THE OPPOSITION CHP ISTANBUL PROVINCIAL CONGRESS. FOLLOWING THE SELL-OFF, THE BENCHMARK INDEX FELL BY OVER 6% TO 10,600 DURING THE DAY. ALTHOUGH IT RECOUPED SOME OF ITS LOSSES AT THESE LEVELS, IT CLOSED THE DAY AT 10,877.52, DOWN 3.57%. THE INDUSTRIAL INDEX FELL 2.98%, WHILE THE BANKING INDEX LOST 4.76% OF ITS VALUE. IN THE LAWSUIT FILED TO CANCEL THE CHP ISTANBUL PROVINCIAL CONGRESS HELD IN ISTANBUL ON OCTOBER 8, 2023, THE COURT ISSUED AN INTERIM RULING CANCELING THE CONGRESS AND DISMISSING THE BOARD AND APPOINTING A TRUSTEE. THIS DECISION, TAKEN AHEAD OF THE CHP CONGRESS TRIAL SCHEDULED FOR SEPTEMBER 15, INCREASED UNCERTAINTY AND VOLATILITY IN THE MARKETS. GLOBAL RISK APPETITE, TOO, REMAINED NEGATIVE YESTERDAY. THE U.S. STOCK MARKETS ENDED THE DAY NEGATIVELY, WHILE EUROPEAN MARKETS WERE TRADING LOWER, AMID HEIGHTENED UNCERTAINTY FOLLOWING THE U.S. FEDERAL CIRCUIT COURT OF APPEALS` RULING LAST WEEK THAT MOST OF PRESIDENT TRUMP`S GLOBAL TARIFFS WERE ILLEGAL. THIS MORNING, GERMAN DAX FUTURES WERE SLIGHTLY BULLISH, WHILE THE U.S. FUTURES AND ASIAN STOCK MARKETS WERE MIXED. THE VIOP-30 OCTOBER FUTURES CONTRACT CLOSED THE EVENING SESSION UP 0.14%. AUGUST CPI DATA IS OUT LOCALLY AT 10:00 AM TODAY. MARKET EXPECTATIONS ARE FOR A 1.75% MONTHLY AND 32.65% ANNUAL INCREASE IN AUGUST, WHILE OUR FORECAST IS FOR A 1.83% MONTHLY AND 32.7% ANNUAL INCREASE. HAVING BROKEN ITS UPTREND WITH YESTERDAY`S SHARP SELL-OFF, WE EXPECT THE BENCHMARK INDEX TO START WEDNESDAY FLAT AS IT ATTEMPTS TO REBALANCE BEFORE EXPERIENCING FURTHER VOLATILITY. SUPPORT: 10,700 - 10,600 RESISTANCE: 11,000 - 11,100. MONEY MARKET: THE LIRA WAS NEGATIVE YESTERDAY, WEAKENING 0.11% AGAINST THE USD TO CLOSE AT 41.1576. THE CURRENCY ALSO APPRECIATED BY 0.09% AGAINST A BASKET OF $0.50 AND €0.50. MEANWHILE, THE LOCAL FIXED INCOME MARKETS WERE NEGATIVE. THE TEN-YEAR BENCHMARK BOND YIELD FLUCTUATED BETWEEN A RANGE OF 31.50%-32.69%, CLOSING THE DAY AT 32.48%, UP 1.09 PP FROM THE PREVIOUS CLOSE. HEADLINES: TODAY`S LOCAL MACROECONOMIC DATA AGENDA INCLUDES THE RELEASE OF AUGUST INFLATION FIGURES. MARKET EXPECTATIONS ARE FOR CPI TO HAVE RISEN BY 1.75% MONTH-ON-MONTH AND 32.65% YEAR-ON-YEAR IN AUGUST. AT SEKER INVEST, WE EXPECT INFLATION OF 1.83% MONTH-ON-MONTH AND 32.7% YEAR-ON-YEAR IN AUGUST. OUR DETAILED ANALYSIS WILL BE PUBLISHED LATER TODAY. SECTOR NEWS: AUGUST 2025 DOMESTIC AUTOMOTIVE MARKET RESULTS: ACCORDING TO THE DOMESTIC RETAIL SALES FIGURES RELEASED BY THE AUTOMOTIVE DISTRIBUTORS AND MOBILITY ASSOCIATION (ADMA), THE AUTOMOTIVE MARKET FOR PCS AND LCVS IN AUGUST 2025 RECORDED A YOY INCREASE OF 12.78%, TOTALING 101,650 UNITS (AUGUST 2024: 90,134 UNITS). RETAIL SALES OF PCS ROSE BY 18.7% YOY, INCREASED FROM 69,288 UNITS IN AUGUST LAST YEAR TO 82,215 UNITS THIS AUGUST. RETAIL SALES OF LCVS DECLINED BY 6.77% YOY FROM 20,846 UNITS IN AUGUST 2024 TO 19,435 UNITS THIS AUGUST. FROM JANUARY TO AUGUST 2025, THE AUTOMOTIVE MARKET FOR PCS AND LCVS ROSE BY 7.24% YOY, RISING TO 817,345 UNITS (JANUARY - AUGUST 2024: 762,152 UNITS). FOR THE SAME PERIOD IN 2025, RETAIL SALES OF PCS SHOWED A MARGINAL INCREASE OF 8.05% FROM 605,639 UNITS IN THE PREVIOUS YEAR TO 654,413 UNITS. RETAIL SALES OF LCVS EXPERIENCED AN INCREASE OF 4.1% FROM 156,513 UNITS LAST YEAR TO 162,932 UNITS THIS YEAR. TOFAS`S (TOASO.TI OP) PC SALES DECLINED FROM 7,182 UNITS IN AUGUST 2024 TO 6,317 UNITS IN AUGUST 2025, REPRESENTING A YOY DECREASE OF 12.0%. SALES OF STELLANTIS OTOMOTIV`S PC ROSE BY 23.4% YOY, TOTALING 11,161 UNITS. TOFAS EXPERIENCED AN DECLINE IN LCV SALES, WHICH NARROWED BY 19.7% YOY TO 3,513 UNITS (AUGUST 2024: 4,375 UNITS). FOR THE JANUARY TO AUGUST 2025 PERIOD, TOFAS`S PC SALES DECREASED BY 17.4% YOY, FALLING FROM 60,029 UNITS IN THE SAME PERIOD OF LAST YEAR TO 49,576 UNITS. RETAIL SALES OF LCVS ALSO DECLINED BY 29.9%, DECREASING FROM 36,274 UNITS LAST YEAR TO 25,427 UNITS THIS YEAR. TOFAS EXPECTS A 1.1MN-1,2MN UNITS DOMESTIC LIGHT VEHICLE MARKET WITH TOFAS-BRANDED VEHICLE SALES OF 300-330K UNITS IN 2025. FORD OTOSAN`S (FROTO.TI OP) LCV SALES DECLINED BY 10.9% YOY IN AUGUST 2025, REACHING 5,180 UNITS (AUGUST 2024: 5,814 UNITS). DURING THE JANUARY TO AUGUST 2025 PERIOD, ITS RETAIL SALES OF LCVS ROSE BY 11.0% YOY, UP FROM 41,496 UNITS LAST YEAR TO 46,067 UNITS THIS YEAR. FORD OTOSAN EXPECTS THE DOMESTIC RETAIL MARKET TO BE IN THE RANGE OF 1,050,000 - 1,150,000 UNITS. FORD OTOSAN`S DOMESTIC RETAIL VOLUME EXPECTATION IS IN THE RANGE OF 90,000 - 100,000 UNITS. DOGUS OTOMOTIV`S (DOAS.TI OP) PC SALES DECLINED FROM 11,945 UNITS IN AUGUST 2024 TO 11,858 UNITS IN AUGUST 2025, MARKING YOY DECREASE OF 1.0%. LCV SALES GREW, ROSE BY 16.5% YOY TO 1,546 UNITS IN AUGUST 2025. FOR THE JANUARY TO AUGUST 2025 PERIOD, DOGUS OTOMOTIV`S RETAIL SALES OF PCS ROSE BY 7.8% YOY FROM 94,851 UNITS LAST YEAR TO 102,281 UNITS. RETAIL SALES OF LCVS ROSE BY 0.6%, ROSE FROM 14,159 UNITS IN THE SAME PERIOD LAST YEAR TO 14,245 UNITS THIS YEAR. DOGUS OTOMOTIV FORESEES A 1,1MN UNITS FOR TOTAL AUTOMOTIVE MARKET (PC + LCV + HCV) WITH DOGUS AUTOMOTIVE BRANDED-VEHICLE SALES OF +130,000 UNITS (EXCEPT SKODA) FOR 2025 SEKER YATIRIM MENKUL DEGERLER A.S WWW.SEKERYATIRIM.COM.TR *** YASAL UYARI BURADA YER ALAN YATIRIM BILGI, YORUM VE TAVSIYELER YATIRIM DANISMANLIGI KAPSAMINDA DEGILDIR.YATIRIM DANISMANLIGI HIZMETI ARACI KURUMLAR, PORTFOY YONETIM SIRKETLERI, MEVDUAT KABUL ETMEYEN BANKALAR ILE MUSTERI ARASINDA IMZALANACAK YATIRIM DANISMANLIGI SOZLESMESI CERCEVESINDE SUNULMAKTADIR.BURADA YER ALAN YORUM VE TAVSIYELER, YORUM VE TAVSIYEDE BULUNANLARIN KISISEL GORUSLERINE DAYANMAKTADIR.BU GORUSLER MALI DURUMUNUZ ILE RISK VE GETIRI TERCIHLERINIZE UYGUN OLMAYABILIR.BU NEDENLE, SADECE BURADA YER ALAN BILGILERE DAYANILARAK YATIRIM KARARI VERILMESI BEKLENTILERINIZE UYGUN SONUCLAR DOGURMAYABILIR. 03.09.2025 09:34:09