Daily Comment

Leading global stock markets recovered on Tuesday on reactionary buying, attributable to reports on President Trump’s administration making progress on its tax reform plan. Having started the day on a positive note, the BIST saw some volatile trading yesterday, and the benchmark BIST100 index closed slightly lower at 108,594. Today, market participants will be following July’s new home sales data from the US and ECB President Draghi’s speech scheduled for 10:00 a.m. IST time (8:00 a.m. UK), while maintaining a focus on the US Fed’s Jackson Hole Economic Policy Symposium meeting starting tomorrow, for clues on how economic stimulus packages might be exited. Mimicking the upturn in the US markets, Asian markets have been advancing today, excepting China, and European markets are also expected to open positively. We expect the BIST to open with some buying today, and to maintain its uptrend during the day should profit takings be met. RESISTANCE:109,400/110,300 SUPPORT:107,900/107,200.