As global markets react to mixed signals from the Federal Reserve and the Bank of Japan, Borsa Istanbul sees significant gains, with the BIST 100 climbing to 10,834.72 points.
Borsa Istanbul’s BIST 100 index experienced a strong performance in the first half of the trading day, gaining 1.84% to reach 10,834.72 points by 1:00 PM. This rise of 196.13 points from the previous close was accompanied by a total trading volume of 45.3 billion lira.
Leading the charge were the banking and holding indices, which saw increases of 3.78% and 1.79%, respectively. Among sector indices, the sports sector outperformed with a 4.50% gain, while the stone and soil sector faced a slight decline of 0.34%.
Analysts highlighted the mixed global market trends, driven by the Federal Reserve’s indication of potential rate cuts in September, despite keeping rates steady at 5.25-5.50% during its latest meeting. Meanwhile, the Bank of Japan’s hints at continuing interest rate hikes have added to the market’s cautious optimism.
Following the Federal Open Market Committee (FOMC) meeting, Fed Chair Jerome Powell noted that while inflation has eased, it remains elevated, and the labor market’s resilience could prompt a rate cut in the upcoming September meeting. Powell emphasized that no decisions have been made yet, but the committee believes the point where a rate cut might be appropriate is approaching.
Looking ahead, market participants are closely monitoring domestic weekly monetary and banking statistics, as well as international events such as the Bank of England’s interest rate decision, U.S. manufacturing PMI data, and weekly jobless claims. Technically, the BIST 100 index faces resistance at the 10,900 and 11,000 levels, with support at 10,800 and 10,600 points.
Source: Trthaber / Prepared by Irem Yildiz