Daily Comment
17/03/2010

Good Morning! US stocks rose for the third consecutive day following FED`s commitment to keep the record low policy rates for a prolonged period. The widely expected announcement sent benchmarks to a seventeen-month high. Asian markets are in line with their peers this morning, also boosted by the BOJ`s decision to expand its bank-lending program. On the local side, the ISE rallied yesterday, after a week of sluggish and lackluster stance and the index closed the day at 53.233 (+2.43%), logging a volume of TRY 1.7Bn. The volume was again not promising although higher than the last ten days' average. Despite the glaring incline, the inflow was around USD 11Mn led by banks. The outflow from Turkish Airlines (THYAO.TI, Rec:HOLD) was also worth noting. Today we anticipate  a positive opening extended by choppy trading. We may see some profit-taking at resistance levels. The market would again trade dependent on international peers in the lack of its own dynamics. As for technics, our resistance levels stands at 53.500 and 54.000 respectively, while we foresee 52.800 - 52.500 range as support level.