MARKET WATCH (SEKER YATIRIM) MARKET WATCH - THURSDAY, DECEMBER 18, 2025 OUTLOOK: THE BIST-100 INDEX STARTED WEDNESDAY NEGATIVELY AND OBSERVED A VOLATILE DOWNTREND THROUGHOUT THE DAY TO CLOSE AT 11,286.81, DOWN 0.55%. THE INDUSTRIAL INDEX FELL BY 0.17%, WHILE THE BANKING INDEX LOST 0.15%. PROFIT-TAKING, WHICH BEGAN AS THE INDEX APPROACHED 11,500, CONTINUED YESTERDAY. RISK APPETITE REMAINED WEAK IN GLOBAL MARKETS. THE U.S. BOURSES CLOSED LOWER, AFFECTED BY SELL-OFFS IN TECHNOLOGY AND ESPECIALLY AI-FOCUSED COMPANIES, WHILE EUROPEAN STOCK MARKETS, EXCLUDING THE UK, ALSO RECORDED DECLINES. THIS MORNING, THE U.S. FUTURES INDICES ARE SHOWING A SLIGHTLY POSITIVE OUTLOOK, WHILE THE GERMAN DAX FUTURES ARE NEGATIVE, AND ASIAN STOCK MARKETS ARE ALSO TRENDING DOWNWARDS. THE VIOP-30 DECEMBER FUTURES CONTRACT COMPLETED THE EVENING SESSION WITH A LIMITED INCREASE OF 0.12%. DOMESTICALLY, TODAY`S DATA AGENDA INCLUDES THE SECOND MEETING OF THE MINIMUM WAGE DETERMINATION COMMISSION REGARDING THE MINIMUM WAGE TO BE IMPLEMENTED IN 2026, AS WELL AS THE MINUTES OF LAST WEEK`S MPC MEETING WHERE THE CBRT CUT THE POLICY RATE BY 150 BPS. GLOBALLY, THE INTEREST RATE DECISIONS OF THE BOE AND THE ECB, AS WELL AS NOVEMBER CPI DATA FROM THE U.S., ARE IN THE SPOTLIGHT. THE BOE IS EXPECTED TO CUT INTEREST RATES BY 25 BPS AT TODAY`S MEETING, WHILE THE ECB IS EXPECTED TO KEEP RATES UNCHANGED. LOCALLY, WE EXPECT THE BENCHMARK INDEX TO START THURSDAY FLAT AND EXHIBIT A VOLATILE PERFORMANCE THEREAFTER. SUPPORT: 11,250 - 11,150 RESISTANCE: 11,450 - 11,550. MONEY MARKET: THE LIRA WAS NEGATIVE YESTERDAY, WEAKENING 0.02% AGAINST THE USD TO CLOSE AT 42.7221. THE CURRENCY ALSO APPRECIATED BY 0.06% AGAINST A BASKET OF $0.50 AND €0.50. MEANWHILE, THE LOCAL FIXED INCOME MARKETS WERE POSITIVE. THE TEN-YEAR BENCHMARK BOND WAS TRADED WITHIN A TIGHT RANGE OF 30.52%-30.55%, ENDING THE DAY AT A LOW OF 30.52%, 22 BPS BELOW ITS PREVIOUS CLOSING. COMPANY NEWS: ARCELIK (ARCLK.TI OP) HAS SIGNED AN EXCLUSIVE LICENSING AGREEMENT BETWEEN ITS SUBSIDIARY GRUNDIG MULTIMEDIA AG, THE OWNER OF THE GRUNDIG BRAND, AND HONG KONG-BASED CONSUMER ELECTRONICS, WHITE GOODS AND AIR-CONDITIONING COMPANY CHANGHONG INTERNATIONAL HOLDING (HK) LIMITED (`CHANGHONG`), AS PART OF ITS OPTIMIZATION EFFORTS AIMED AT FOCUSING ON MORE EFFICIENT REGIONS WITHIN GRUNDIG-BRANDED OPERATIONS. THE AGREEMENT WILL BE EFFECTIVE FOR THREE YEARS STARTING FROM 1 JANUARY 2026, AND COVERS OVERSEAS GRUNDIG-BRANDED ACTIVITIES. UNDER THE TERMS OF THE LICENSING AGREEMENT, CHANGHONG WILL BE ENTITLED TO MANUFACTURE, SELL AND PROVIDE AFTER-SALES SERVICES UNDER THE GRUNDIG BRAND FOR SELECTED PRODUCT GROUPS IN THE WHITE GOODS, AIR-CONDITIONING AND CONSUMER ELECTRONICS CATEGORIES (EXCLUDING SMALL DOMESTIC APPLIANCES) IN EUROPE, THE CIS AND APAC, AND INCLUDING SMALL DOMESTIC APPLIANCES IN CHINA AND RUSSIA. THE AGREEMENT IS BASED ON ROYALTY PAYMENTS CALCULATED ON SALES AND MAY BE EXTENDED FOR AN ADDITIONAL TWO YEARS UNDER THE SAME TERMS UPON MUTUAL AGREEMENT. DURING THE TRANSITION PERIOD, GRUNDIG MULTIMEDIA AG AND ITS SUBSIDIARIES MAY CONTINUE, FOR A LIMITED TIME, THE PRODUCTION, DISTRIBUTION, SALES AND AFTER-SALES SERVICES OF RELEVANT GRUNDIG-BRANDED PRODUCTS IN CERTAIN MARKETS HOWEVER, SUCH ACTIVITIES WILL FULLY CEASE BY 31 DECEMBER 2026 AT THE LATEST IN ALL MARKETS COVERED BY THE EXCLUSIVITY. THIS LICENSING AGREEMENT APPLIES EXCLUSIVELY TO GRUNDIG-BRANDED PRODUCTS OUTSIDE TURKIYE, WHILE GRUNDIG OPERATIONS IN TURKIYE WILL CONTINUE UNCHANGED. IN THIS CONTEXT, WE VIEW THE AGREEMENT AS A STRUCTURALLY POSITIVE STEP THAT IS NOT EXPECTED TO GENERATE A MEANINGFUL ACCELERATION IN REVENUES IN THE SHORT TERM, BUT SUPPORTS BALANCE SHEET STRENGTH IN THE MEDIUM TERM BY REDUCING CAPITAL INTENSITY, IMPROVING CASH FLOW VISIBILITY AND ENHANCING MARGIN QUALITY. 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. 18.12.2025 09:42:00