BIST 100 Index Drops 1.27% at Opening as Banking and Construction Sectors Lead Declines, Influenced by Global Economic Worries.
Borsa Istanbul’s BIST 100 index started the day with a 1.27% drop, opening at 10,661.45 points, marking a decrease of 136.64 points from the previous close. The banking index fell by 1.66%, and the holding index dropped by 1.11%, with all sector indices in decline. Banking and construction sectors were the biggest losers in early trading.
Yesterday, the BIST 100 index had shown a positive trend, closing 1.5% higher at 10,798.09 points. However, today’s decline mirrors the negative sentiment in global markets. Analysts attribute this to concerns over a sharper-than-expected slowdown in U.S. economic activity and the possibility of further interest rate hikes by the Bank of Japan (BoJ).
Despite the U.S. Federal Reserve signaling potential rate cuts starting in September, recent data has stoked fears of a recession, affecting asset prices and raising questions about the extent of the Fed’s upcoming actions. Market participants are now closely watching the U.S. employment report, which could provide further insights into the economic outlook.
Technically, analysts note that the BIST 100 index has support at 10,650 and 10,500 points, with resistance at 10,800 points.
Source: AA / Prepared by Irem Yildiz