BIST 100 Index Ends September 30, 2024, with a 1.14% Decline
Borsa Istanbul’s BIST 100 index experienced a notable drop on September 30, 2024, as it fell by 1.14%, closing the day at 9,665.78 points. This marks a decrease of 111.68 points from the previous closing session, with the total trading volume reaching ₺73.2 billion.
The day saw broad declines across various sectors, driven by a cautious outlook from global markets, as investors remain focused on key macroeconomic data expected from the U.S. and Europe.
Performance of Key Sectors:
- Banking Index: down 1.13%
- Holding Index: down 1.11%
- Top Gainers: Metal primary industry (+1.49%), Insurance (+1.49%)
- Biggest Loser: Sports sector (-2.53%)
Market Sentiment and Global Factors
The declines in Borsa Istanbul align with a broader trend in global markets. Uncertainty surrounding the potential for a recession remains high, especially as central banks worldwide continue their battle against inflation. Geopolitical tensions in the Middle East are also playing a role in dampening investor confidence.
Despite these concerns, recent macroeconomic data has provided some relief to markets, helping to limit the extent of investor fears.
Key upcoming events that are expected to influence market movements include:
- U.S. Employment Report
- European Inflation Data
- Manufacturing PMI (Purchasing Managers’ Index) reports from both the U.S. and Europe
Technical Analysis of BIST 100
From a technical perspective, the BIST 100 index is currently showing signs of fluctuation within certain key levels of support and resistance.
- Support Levels: 9,600 and 9,500 points
- Resistance Levels: 9,900 and 10,000 points
Market analysts suggest that these levels will be crucial in determining the direction of the index in the coming days, especially as more macroeconomic data is released.
What’s Ahead for Borsa Istanbul?
Tomorrow, analysts will be closely monitoring both local and international developments:
- Domestic Focus: The release of Manufacturing PMI in Turkiye will provide insights into the health of the industrial sector.
- Global Focus: Key data from the Eurozone, including inflation figures, and the U.S. ISM Manufacturing PMI, along with construction spending data, are expected to drive market sentiment.
Key Insights for Investors
Despite today’s decline, the market remains dynamic, with several sectors continuing to show positive performance. Investors should take note of the following:
- Metal Primary Industry and Insurance sectors outperformed the broader market today, both posting gains of 1.49%.
- Sports Sector faced the biggest drop, with a 2.53% decline.
Moving forward, external economic factors, particularly data from the U.S. and Europe, will continue to play a pivotal role in shaping the performance of Borsa Istanbul.
Borsa’s Outlook in the Coming Days
The current performance of Borsa Istanbul is heavily influenced by a combination of global macroeconomic data and geopolitical factors. As markets brace for new information from the U.S. and Europe, Turkish investors will also be paying close attention to domestic indicators, including tomorrow’s release of Manufacturing PMI.
The coming days are expected to bring further volatility, with key support and resistance levels likely to be tested as new data influences market dynamics.
Source: AA