Borsa Istanbul Stock Exchange Closed the Day at Record Level

The BIST 100 index increased by 489.81 points compared to the previous close, with a total trading volume of 123.6 billion Turkish lira.

The banking index gained 4.47%, while the holding index gained 5.43%.

All sector indices rose, with insurance leading the gains at 7.21%.

Closing the day at 9,618.83 points, the BIST 100 index achieved the highest daily and weekly closing in history.

On the other hand, according to data released today, non-farm payrolls in the US increased by 303,000 in March, surpassing expectations, while the unemployment rate decreased from 3.9% to 3.8%.

Average hourly earnings, closely monitored by the US Federal Reserve (Fed), also increased by 0.3% to $34.69, in line with expectations.

Analysts noted that yesterday’s remarks by Fed officials suggesting that the bank may make fewer interest rate cuts than expected, and the latest employment data showed that the labor market in the country remained resilient despite the effects of high interest rates.

Analysts indicated that the tight labor market stance strengthened the Fed’s view that there is no rush to lower interest rates, suggesting that the bank may delay expected interest rate cuts this year.

Analysts noted that Borsa Istanbul will be open until 12:40 p.m. on Tuesday, April 9, before the Ramadan holiday.

Analysts mentioned that next week, the interest rate decision of the European Central Bank (ECB) in Europe, and inflation in Germany and China in the US will be in focus. They also noted that technically, the resistance level for the BIST 100 index is at 9,650, while the support levels are at 9,200 and 9,100 points.”

source: prepared by Melisa Beğiç

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