BIST 100 rises as banks lag and cyclicals gain

Banks were the main drag. Akbank fell 2.7%, İş Bankası lost 3%, VakıfBank dropped 3.1% and Halkbank eased 1.2%, keeping the broader market from posting a stronger finish. That weakness matters economically because banks sit at the center of Turkey’s credit cycle and are often the most sensitive group to shifts in rates, funding conditions and policy expectations.

The gains were concentrated in sectors tied to domestic demand, construction and energy. Emlak Konut jumped 10%, Turk Leather rose 10%, Tüpraş climbed 5%, and PETKM gained 6.8%, while ASELSAN added 3.1% and EUPWR surged 7.3%. That mix points to investors favoring industrial and cyclicals over lenders, a classic sign of rotation rather than broad-based risk appetite.

The performance also reflects a market that remains highly stock-specific. Some names were sharply lower — including ODINE, down 10%, and PASEU, off 10% — even as the index closed comfortably in positive territory. In other words, the BIST’s gains were driven by winners large enough to offset weakness in the financial sector, not by a uniform rise in sentiment.

The backdrop remains one of cautious global risk-taking. U.S. equities have been volatile after a four-day decline linked to rising oil prices and Treasury yields, while international markets have shown mixed direction. In that environment, Turkish stocks are still attracting selective flows, but the gap between banks and the rest of the market suggests investors are wary of balance-sheet-sensitive names and are instead chasing momentum in construction, energy and select industrials.

With the BIST holding above 14,500, the next test will be whether banks can stabilize. If they do, the index has room to extend gains; if not, rallies are likely to remain narrow and dependent on a small group of outperformers.