MARKET WATCH (SEKER YATIRIM) MARKET WATCH - FRIDAY, MAY 22, 2026 OUTLOOK: THE BIST-100 INDEX STARTED THURSDAY WITH LIMITED POSITIVE GAINS, FOLLOWING A BEARISH TREND THROUGHOUT THE DAY. IN THE LAWSUIT FILED TO ANNUL THE CHP`S 38TH ORDINARY CONGRESS AND 21ST EXTRAORDINARY CONGRESS, THE 36TH CIVIL CHAMBER OF THE ANKARA REGIONAL COURT OF JUSTICE RULED THAT BOTH CONGRESSES WERE `ABSOLUTE NULLITY.` FOLLOWING THIS DECISION, RISK APPETITE ON THE BIST WEAKENED SIGNIFICANTLY, AND SELLING PRESSURE INTENSIFIED IN THE FINAL PART OF THE SESSION. WITH LOSSES EXCEEDING 6.00% ON THE BIST-100 INDEX, THE BIST ANNOUNCED THAT THE INDEX-LINKED CIRCUIT BREAKER SYSTEM HAD BEEN ACTIVATED AND TRADING HAD BEEN TEMPORARILY HALTED IN ALL STOCK MARKETS. AFTER THE CLOSING SESSION, THE INDEX`S DAILY LOSS WAS 6.05%, CLOSING AT 13,163.88, THE LONWEST INTRADAY TRADING LEVEL. SALES, LED BY BANKING STOCKS, ACCELERATED, CAUSING A SHARP 8.63% DROP IN THE BANKING INDEX, WHILE THE INDUSTRIAL INDEX CLOSED THE DAY DOWN 6.15%, MIRRORING THE NEGATIVE TREND OF THE MAIN INDEX. THE JUNE-DATED NEAR-TERM VIOP INDEX FUTURES CONTRACT CONTINUED ITS WEAK PERFORMANCE IN THE EVENING SESSION AFTER THE SHARP DECLINE IN THE REGULAR SESSION, LOSING 0.71% AND CLOSING THE DAY AT ITS LOWEST LEVEL OF 14,751.00 POINTS. CHP LEADER OZGUR OZEL ANNOUNCED THAT THEY WILL INITIATE LEGAL PROCEEDINGS AGAINST THE DECISION BEFORE THE SUPREME COURT AND THE SUPREME ELECTION COUNCIL, WHILE IT WAS STATED THAT THE FINANCIAL STABILITY COMMITTEE WILL MEET TODAY UNDER THE CHAIRMANSHIP OF TREASURY AND FINANCE MINISTER MEHMET SIMSEK TO EVALUATE DEVELOPMENTS IN THE MARKETS. GLOBAL EQUITY MARKETS GAVE A MIXED PERFORMANCE YESTERDAY. SELLING PRESSURE DOMINATED THE EUROPEAN MARKETS, WITH THE GERMAN DAX INDEX FALLING 0.53% AND THE EURO STOXX 50 INDEX DROPPING 0.20%. IN THE U.S., HOWEVER, THE POSITIVE OUTLOOK PREVAILED, WITH THE DOW JONES INDEX RISING 0.55%, THE S&P 500 INDEX GAINING 0.17%, AND THE NASDAQ INDEX INCREASING 0.09%. DESPITE POSITIVE MESSAGES REGARDING IRAN-U.S. TALKS, GEOPOLITICAL RISK PERCEPTION REMAINS HIGH DUE TO DISCUSSIONS SURROUNDING IRAN`S URANIUM STOCKPILES AND THE STRAIT OF HORMUZ, WHILE BRENT CRUDE OIL SPOT PRICES HOVERED NEAR USD 102. LOWER-THAN-EXPECTED INFLATION DATA IN JAPAN WEAKENED EXPECTATIONS OF A BOJ INTEREST RATE HIKE, BUT RISK APPETITE REMAINS STRONG IN GLOBAL EQUITY MARKETS THIS MORNING. POSITIVE PRICE MOVEMENTS WERE PROMINENT IN ASIAN STOCK MARKETS, WITH THE JAPANESE NIKKEI INDEX GAINING NEARLY 3%. FUTURES CONTRACTS FOR U.S. AND EUROPEAN INDEX FUTURES ALSO SHOWED POSITIVE PRICING. TODAY`S MACROECONOMIC DATA AGENDA INCLUDES, DOMESTICALLY, THE MANUFACTURING CAPACITY UTILIZATION RATE, FOREIGN TRADE STATISTICS, AND THE CBRT`S WEEKLY SECURITIES STATISTICS AND GLOBALLY, THE U.S. MICHIGAN CONSUMER SENTIMENT INDEX AND A SPEECH BY ECB PRESIDENT LAGARDE. LOCALLY, WE EXPECT THE BENCHMARK INDEX TO START FRIDAY WITH SLIGHT SELLING PRESSURE, WITH VOLATILE INTRADAY MOVEMENTS TO FOLLOW DETERMINED BY NEWS FLOW. SUPPORT: 12,850 - 12,550 RESISTANCE: 13,350 - 13,750. MONEY MARKET: THE LIRA WAS SLIGHTLY POSITIVE YESTERDAY, GAINING 0.04% AGAINST THE USD TO CLOSE AT 45.5735. THE CURRENCY ALSO DEPRECIATED 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 WAS TRADED WITHIN A RANGE OF 35.64%-35.92%, ENDING THE DAY AT A 35.87%, 12 BPS ABOVE ITS PREVIOUS CLOSING. SECTOR NEWS: ACCORDING TO DATA RELEASED BY THE TURKISH WHITE GOODS MANUFACTURERS ASSOCIATION (TURKBESD), ACROSS THE SIX MAIN PRODUCT GROUPS (REFRIGERATORS, WASHING MACHINES, DISHWASHERS, OVENS, FREEZERS, AND DRYERS), DOMESTIC SALES DECLINED BY 1% YOY, EXPORTS DECREASED BY 2% YOY, AND TOTAL SALES FELL BY 1% YOY IN APRIL. ON THE OTHER HAND, THE 12% INCREASE RECORDED IN PRODUCTION STOOD OUT POSITIVELY. WE BELIEVE THAT THE STRONG PERFORMANCE IN PRODUCTION IS ENCOURAGING, AS IT POINTS TO AN IMPROVEMENT IN CAPACITY UTILIZATION RATES AND CONTINUED RESILIENCE IN MANUFACTURING ACTIVITY. HOWEVER, THE LIMITED CONTRACTION IN SALES VOLUMES INDICATES THAT THE RECOVERY IN END-DEMAND HAS NOT YET REACHED THE DESIRED LEVEL, WHILE THE CAUTIOUS OUTLOOK ACROSS THE SECTOR CONTINUES. CUMULATIVE DATA FOR THE JANUARY-APRIL PERIOD ALSO POINT TO THE CONTINUATION OF THE WEAK SECTORAL OUTLOOK COMPARED TO THE SAME PERIOD OF 2025. DURING THIS PERIOD, DOMESTIC SALES DECLINED BY 8% YOY, EXPORTS BY 18% YOY, PRODUCTION BY 14% YOY, AND TOTAL SALES BY 14% YOY. ON A SUB-SEGMENT BASIS, THE WASHING MACHINE SEGMENT POSITIVELY DIFFERENTIATED IN THE DOMESTIC MARKET, POSTING THE STRONGEST PERFORMANCE AMONG ALL PRODUCT GROUPS. IN CONTRAST, THE SHARPEST CONTRACTION WAS RECORDED IN THE DRYER SEGMENT WITH A 31% DECLINE, MAKING IT ONE OF THE PRODUCT GROUPS MOST NEGATIVELY AFFECTED BY WEAK DOMESTIC DEMAND. ON THE EXPORT SIDE, THE WASHING MACHINE SEGMENT RECORDED A 13% CONTRACTION, WHILE THE REFRIGERATOR AND DRYER SEGMENTS WERE AMONG THE WEAKEST-PERFORMING PRODUCT GROUPS. ON THE OTHER HAND, THE OVEN SEGMENT POSITIVELY DIFFERENTIATED WITH A 16% GROWTH, DELIVERING THE STRONGEST EXPORT PERFORMANCE AMONG ALL SEGMENTS. ON THE PRODUCTION SIDE, THE OVEN AND WASHING MACHINE SEGMENTS STOOD OUT POSITIVELY WITH A 22% INCREASE, INDICATING A RELATIVELY RESILIENT OUTLOOK COMPARED TO THE OVERALL SECTOR. IN CONTRAST, PRODUCTION VOLUMES IN THE DRYER AND REFRIGERATOR SEGMENTS DECLINED BY A LIMITED 1% YOY. COMPANY NEWS: ASELSAN (ASELS.TI OP): AGREEMENTS REGARDING THE PROCUREMENT OF ARTIFICIAL INTELLIGENCE SUPPORTED PUBLIC SECURITY SYSTEMS WITH A TOTAL VALUE OF USD 469,974,000 HAVE BEEN SIGNED BETWEEN ASELSAN AND THE PRESIDENCY OF THE REPUBLIC OF TURKIYE SECRETARIAT OF DEFENCE INDUSTRIES. DELIVERIES WILL BE MADE BETWEEN THE YEARS 2026 AND 2029. THE CONTRACT SIZE CORRESPONDS TO APPROXIMATELY 2.24% OF ASELSAN`S TOTAL ORDER BACKLOG. FITCH RATINGS HAS AFFIRMED COCA-COLA ICECEK`S (CCOLA.TI OP) LONG-TERM ISSUER DEFAULT RATING (`IDR`) AS `BBB` WITH `STABLE` OUTLOOK. FITCH ALSO MAINTAINED CCI`S LOCAL-CURRENCY LONG-TERM ISSUER DEFAULT RATING AND SENIOR UNSECURED LONG-TERM RATINGS AS `BBB`, WHILE AFFIRMING THE NATIONAL RATING OF AAA (TUR) WITH `STABLE` OUTLOOK. THE AFFIRMATION OF CCI`S RATINGS REFLECTS CONTINUED STRONG OPERATING PROFITABILITY, FOLLOWING THE ROBUST IMPLEMENTATION OF ITS EXPANSION PLAN, LEADING TO REVENUE AND EBITDA GROWTH. EMLAK KONUT REIT (EKGYO.TI N/C) HAS ANNOUNCED COMPLETING THE BOOKBUILDING PROCESS FOR THE LEASE CERTIFICATE (SUKUK) ISSUANCE TO BE CARRIED OUT BY ITS SUBSIDIARY, EMLAK KONUT VARLIK KIRALAMA A.S., AND REGULATED UNDER REGS FOR LISTING ON THE LONDON STOCK EXCHANGE PLC. WITH THE PARTICIPATION OF NEARLY 100 QUALIFIED INSTITUTIONAL INVESTORS, TOTAL DEMAND OF OVER USD 1.85 BILLION WAS RECEIVED, REACHING UP TO APPROXIMATELY 3.8 TIMES THE BASE ISSUANCE AMOUNT. THE NOMINAL VALUE OF THE ISSUED LEASE CERTIFICATES IS USD 650 MILLION, WITH A MATURITY OF 5 YEARS, A MATURITY DATE OF JUNE 1, 2031, A COUPON RATE OF 7.75%, AND A SALE PRICE AT PAR VALUE. YAPI KREDI BANKASI (YKBNK.TI OP) HAS ANNOUNCED THAT, PURSUANT TO THE BOARD OF DIRECTORS` RESOLUTION DATED 21 MAY 2026, NON-PERFORMING LOANS TOTALING TRY 3,239,964,986.35 AS OF 31 MARCH 2026 WILL BE SOLD TO ARSAN ASSET MANAGEMENT, BIRIKIM ASSET MANAGEMENT, DUNYA ASSET MANAGEMENT, EMIR ASSET MANAGEMENT, GELECEK ASSET MANAGEMENT AND SUMER ASSET MANAGEMENT FOR A TOTAL CONSIDERATION OF TRY 397,650,621.00. 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. 22.05.2026 09:37:20