Istanbul’s BIST 100 Index Rises by 0.24%, Led by Sports Sector; Banking Sector Lags
The Istanbul Stock Exchange’s BIST 100 index began the week with a positive trend, increasing by 0.24% to reach 11,182.64 points at the opening. This marks a rise of 26.43 points from the previous close, signaling a strong start to the trading week.
At the opening, while the banking index saw a decline of 0.64%, the holding index experienced a gain of 0.45%. Among the sector indices, sports stood out as the top performer with a 1.22% increase, whereas banking was the worst performer.
Last Friday, Borsa Istanbul’s BIST 100 index continued its upward trajectory, closing at 11,156.20 points with a 0.15% increase, setting a new closing record.
Analysts noted that global stock markets started the week cautiously due to uncertainties following U.S. President Joe Biden’s withdrawal from the presidential race. The tapering of central banks’ tight monetary policies aimed at combating inflation, combined with the potential outcomes of the U.S. elections, continue to impact asset pricing worldwide.
In addition, on Friday, international credit rating agency Moody’s upgraded Turkiye’s credit rating by two notches from “B3” to “B1,” while maintaining a “positive” outlook.
Analysts highlighted that today, domestically, the CBRT Market Participants Survey and the Producer Price Index from abroad will be monitored. In the U.S., the Chicago Fed National Activity Index will also be in focus. Technically, they pointed out that the BIST 100 index faces resistance at 11,250 and 11,350 points, with support levels at 11,000 and 10,900 points.
Source: Trthaber / Prepared by Irem Yildiz