Banking and Holding Sectors See Losses in Borsa Istanbul as BIST 100 Falls to 9,904.79 Points
Borsa Istanbul’s BIST 100 index wrapped up the day with a notable decline, falling by 0.78% to close at 9,904.79 points. This drop marked a decrease of 77.50 points from the previous closing, with the total trading volume reaching a substantial ₺84.4 billion.
Sector Performance
- Banking Sector: The banking index experienced a 0.57% decline, contributing to the overall downward trend in the market.
- Holding Sector: Similarly, the holding index fell by 0.23%, reflecting broader market uncertainties.
- Top Performer: Among the sectors, insurance emerged as the top performer with a gain of 1.31%.
- Biggest Loser: The communication sector suffered the most significant loss, declining by 3.73%.
Global Market Influence
Analysts pointed out that global market trends continue to be shaped by the anticipation surrounding the U.S. Federal Reserve’s (Fed) future actions. The mixed signals from the Fed have kept investors on edge, leading to a cautious trading environment.
“The focus remains on the Fed’s next moves, with market participants closely monitoring signals from the central bank,” said one analyst.
Key Data to Watch
Looking ahead to tomorrow, analysts highlighted several key economic indicators and events that could influence market movements:
- Domestic Data: The consumer confidence index and weekly monetary and banking statistics are set to be released.
- Global Data: Globally, the spotlight will be on the Purchasing Managers’ Index (PMI) data for the manufacturing and services sectors, weekly unemployment claims, and existing home sales in the U.S.
- Jackson Hole Symposium: Additionally, insights from the Jackson Hole Economic Policy Symposium will be eagerly awaited by market participants.
Technical Analysis
From a technical perspective, analysts identified key support and resistance levels for the BIST 100 index:
- Support Levels: 9.850 and 9.750 points are identified as critical support levels.
- Resistance Levels: On the upside, 10.100 and 10.200 points are seen as resistance levels that could cap any potential gains.
As the market digests global economic signals and domestic data, traders will be keenly watching these levels for signs of market direction in the coming days.
Source: Trthaber / Prepared by Irem Yildiz