Borsa Istanbul Opens with Gains as BIST 100 Index Rises by 0.13%

Tourism Sector Leads, While Communication Falters; Finance Minister Signals Strong Disinflation Ahead

Borsa Istanbul started the day on a positive note, with the BIST 100 index opening at 10,754.37 points, marking a 0.13% increase. This opening surge, up by 14.43 points from the previous close, underscores investor confidence in the market.

The banking index saw a slight uptick of 0.01%, while the holding index rose by 0.22%. Among the sector indices, tourism emerged as the top performer with a gain of 0.79%, whereas the communication sector was the only laggard, dipping by 0.31%.

Yesterday, the BIST 100 index ended the day with a robust gain of 2.57%, closing at 10,739.94 points, following a strong buying trend throughout the session.

In a notable development, Treasury and Finance Minister Mehmet Simsek addressed the 2024 London Conference hosted by Chatham House. Simsek highlighted growing market confidence in the government’s economic program, stating, “We are now on the brink of a strong disinflationary process.”

Analysts observed that global markets are exhibiting mixed trends, influenced by the cautious stance of Federal Reserve officials in the US. Despite a drop of 5,000 in new unemployment claims, bringing the total to 238,000 for the week ending June 15, the figure exceeded market expectations of 235,000. Continuing claims also rose by 15,000, reaching 1.828 million.

Additionally, Minneapolis Fed President Neel Kashkari noted that it could take one to two years for inflation to return to the Fed’s 2% target.

Today’s focus will be on the release of the manufacturing and services Purchasing Managers’ Index (PMI) data from the US and Europe, along with US existing home sales figures. Analysts have identified key technical levels for the BIST 100 index, citing resistance at 10,800 and 10,900 points, and support at 10,400 and 10,300 points.

As the trading day unfolds, market participants will closely watch these indicators to gauge the next moves in Borsa Istanbul.

Source: Trthaber / Prepared by Irem Yildiz

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