Market Sees Modest Gains with Technology Sector Leading
Borsa Istanbul’s BIST 100 index saw a modest gain in the first half of the trading day, rising by 0.11% to reach 11,036.07 points. By 1:00 PM, the index had climbed 11.74 points from its previous close, driven by positive movement and an overall trading volume of ₺48.2 billion.
The banking index increased by 0.49%, while the holding index slightly dipped by 0.06%. Among the sector indices, technology led the gains with a 1.91% increase, while the communication sector saw the biggest decline at 1.16%.
Meanwhile, data from the Central Bank of the Republic of Turkiye revealed that the current account balance posted a deficit of $1.235 billion in May 2024. The annualized current account deficit decreased to $25.191 billion, marking an improvement of $31.831 billion over the past year.
Analysts noted a mixed trend in global equity markets, with profit-taking following record highs in the U.S. amid signs of slowing consumer inflation. Today, attention turns to U.S. producer inflation data. Domestically, a calm afternoon is expected for data, while the U.S. Producer Price Index (PPI) and Michigan consumer confidence index will be closely watched. Technically, the BIST 100 index faces resistance at 11,100 and 11,200 points, with support levels at 11,000 and 10,900 points.
Source: Trthaber / Prepared by Irem Yildiz