BIST 100 Closes Lower with Turkish Banking Sector Weakness

BIST 100 Index Declines by 0.62%, Banking Sector Takes the Biggest Hit

Borsa Istanbul’s BIST 100 index closed the day down by 0.62%, finishing at 10,796.57 points. This marks a 67.50-point decrease from the previous close, with a total trading volume of ₺100.1 billion.

The banking index dropped by 3.17%, while the holding index saw a slight gain of 0.04%. Among sector indices, insurance emerged as the top gainer with a 4.04% increase, whereas banking was the biggest loser.

Meanwhile, US Federal Reserve Chairman Jerome Powell presented the semi-annual Monetary Policy Report to the Senate Banking, Housing, and Urban Affairs Committee. Powell stated that the first-quarter data did not support lowering the interest rate but noted modest progress in the latest inflation figures. “Further good data will strengthen our confidence that inflation is moving sustainably towards 2%,” he added.

Analysts highlighted the mixed performance in global equity markets due to the ongoing uncertainty regarding the Fed’s future actions.

Tomorrow, domestic industrial production and labor statistics will be closely watched, along with Powell’s guidance, inflation data from China, Producer Price Index (PPI) from Japan, and wholesale inventories in the US. Analysts identified technical support levels for the BIST 100 index at 10,700 and 10,600 points, with resistance levels at 10,900 and 11,000 points.

Source: AA / Prepared by Irem Yildiz

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