Daily Comment
30/07/2010

Good morning! The ISE preserved its incline in the wake of the recent optimistic mood in international markets and positive expectations for 2Q10 financials of Turkish banks. The index remained green all day testing 61,000, increasing 0.55% to 60,737 by the end of trading with a volume TRY 1.8bn. The mood, however, is appearing to be stuttering as incoming US macro data was disappointing, reminding investors that the markets are not out of the woods yet. US markets retracted with pessimistic announcements from American technology firms, paving the way for some Asian exchanges to experience losses approaching 1.5%. Today, the market will pay a fair bit of attention to US 2Q10 growth results, and the ISE100 should start its final trading day of the week with a sell-sentiment. However, losses in the ISE are to remain limited as satisfactory financials are expected from Turkish banks. Technically, 60,800 and 61,200 are our respective resistance levels whilst 60,000 and 59,700 are the primary and secondary support levels.