Borsa Istanbul Stock Exchange Ends the Day with Record Highs

The BIST 100 index on the Istanbul Stock Exchange completed the day at 9,374.20 points with a gain of 0.29%, achieving the highest daily and weekly closing in its history. The index set a new record high at 9,416.70 points.

The BIST 100 index increased by 27.03 points compared to the previous closing, with a total trading volume of 137.2 billion Turkish liras.

While the banking index gained 0.67%, the holding index experienced a 0.16% loss. Among the sector indices, communication was the highest gainer with 2.81%, while the metal main industry sector had the most significant loss with 1.88%.

Analysts emphasized that after Nvidia’s financial results exceeded expectations, new highs were observed in the stock markets of the United States, Europe, and Japan. They also noted that a buying-dominated trend prevailed in the domestic markets.

On the other hand, Turkey’s 5-year credit default swap (CDS), which has been on a downward trend, fell to 287 basis points.

In the upcoming week, analysts expect the market to focus on domestic indicators such as growth, economic confidence index, foreign trade balance, as well as international data, including growth in the United States, personal income and spending, construction spending, the University of Michigan Consumer Confidence Index, inflation and consumer confidence index in the Eurozone, inflation in Germany, and global Purchasing Managers’ Index (PMI) for manufacturing.

From a technical standpoint, analysts mentioned that 9,500 is a resistance level, while 9,300 and 9,200 are support levels for the BIST 100 index.

Economists participating in AA Finans’ expectation survey predict a 3.97% increase in gross domestic product (GDP) for the fourth quarter of last year. The average growth expectation for the entire year 2023 is 4.40%, and for the end of 2024, it is 3.44%.

source: / prepared by Melisa Beğiç

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