Borsa Istanbul Opens Higher, BIST 100 Index Rises to 10,832.87

Banking Sector Leads Gains While Eyes Are on US Inflation Data

Borsa Istanbul started the day on a positive note, with the BIST 100 index increasing by 0.83% to open at 10,832.87 points. This opening marks a rise of 89.57 points or 0.83% compared to the previous closing.

In the early trading hours, the banking index saw a notable rise of 1.28%, and the holding index increased by 0.69%. Among the sector indices, banking emerged as the biggest gainer, while the securities investment trusts were the only decliner, dropping by 0.38%.

Yesterday, Borsa Istanbul experienced a bearish trend, with the BIST 100 index closing 0.49% lower at 10,743.30 points.

Focus on US Inflation Data

Analysts highlight that global stock markets are following a positive trend, led by the technology sector, amid growing expectations of a rate cut by the US Federal Reserve by the end of the year. These expectations were strengthened by remarks from Fed Chair Jerome Powell.

During the second day of his semi-annual Monetary Policy Report presentation to the US Congress, Powell answered questions from members of the House Financial Services Committee. He expressed some confidence in the declining inflation trend but indicated that he was not yet ready to assert that inflation had sustainably fallen to the 2% target.

Additionally, today’s investor sentiment could be influenced by news from the JP Morgan investor meeting, which will feature Turkiye’s Treasury and Finance Minister Mehmet Şimşek.

Domestically, analysts will be closely monitoring retail sales and weekly monetary and banking statistics, while globally, the focus will be on US inflation data and a busy economic calendar. Technically, they note resistance levels for the BIST 100 index at 10,900 and 11,000 points, with support levels at 10,800 and 10,700 points.

Source: Trthaber / Prepared by Irem Yildiz

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