Borsa Istanbul Ends the Day with 0.78% Drop as Global Markets Await US Inflation Data
BIST 100 index drops by 0.78%, ending at 9,624.04 points, with banking and holding sectors also seeing losses as global markets await US inflation data.
The Borsa Istanbul (BIST) 100 index closed the day with a significant decline, dropping by 0.78% to settle at 9,624.04 points. This represents a loss of 75.52 points from the previous closing, with a total transaction volume of 77.4 billion lira.
Despite various sector performances, the market saw a notable downturn, particularly in the banking and holding sectors, which both experienced losses. Analysts believe that investor sentiment has been influenced by the anticipation of US inflation data, which could provide insight into the Federal Reserve’s upcoming policy decisions.
Sector Performances: Mining Gains, Insurance Falls
Across the board, sector indexes showed mixed results. The banking index dropped by 1.73%, while the holding index experienced a 0.38% loss.
The best performer of the day was the mining sector, which posted a 1.60% gain. On the other hand, the insurance sector faced the largest losses, declining by 2.33%.
Key Sector Winners and Losers
- Top Gainer: Mining (+1.60%)
- Top Loser: Insurance (-2.33%)
- Banking Sector Loss: -1.73%
- Holding Sector Loss: -0.38%
Global Market Influence: Eyes on US Inflation Data
Investor confidence in global markets is being shaped by expectations around US inflation data. Analysts anticipate that the data, scheduled for release tomorrow, could signal the potential for the US Federal Reserve (Fed) to begin cutting interest rates by 50 basis points.
With this in mind, the risk appetite among investors has strengthened, as any indication of a Fed policy shift could create new opportunities in the global market. Analysts also highlighted that the upcoming Federal Open Market Committee (FOMC) meeting on September 17-18 may bring further clarity on the scale of the anticipated interest rate cuts.
Domestic and International Market Outlook
Domestically, analysts predict a relatively quiet data agenda for tomorrow. However, international markets will be closely watching developments in both US inflation figures and UK industrial production data.
The results of these reports could have a significant impact on global market movements, particularly in shaping expectations for the Federal Reserve’s monetary policy.
BIST 100 Index: Technical Analysis
From a technical standpoint, analysts are monitoring key support and resistance levels for the BIST 100 index. According to experts:
- Support levels are set at 9,600 and 9,500 points.
- Resistance levels are anticipated at 9,800 and 10,000 points.
These levels are critical for investors who are looking to capitalize on market movements, as they provide insight into potential market directions in the short term.
Anticipation Builds for Global Market Shifts
As Borsa Istanbul wraps up the day with a 0.78% drop, investors are eagerly awaiting the release of US inflation data. This report is expected to provide more clarity on the future of the Federal Reserve’s interest rate policy, which could significantly impact market dynamics both in Turkey and abroad.
While sectors like mining showed resilience, others such as insurance took a hit, reflecting the varied impact of global uncertainties on local markets. With key support and resistance levels identified, the coming days will be crucial for investors looking to navigate the shifting landscape.
Source: AA / Prepared by Irem Yildiz