Borsa Istanbul Stock Market Ends the Day Higher

Borsa Istanbul’s BIST 100 index closed the day with a gain of 2.57%, ending at 10,739.94 points.

The BIST 100 index increased by 268.61 points from the previous close, with a total trading volume of 92.4 billion lira.

The banking index rose by 3.62%, and the holding index gained 2.35%.

Among sector indices, communication was the top gainer with an increase of 4.95%, while insurance was the biggest loser, down by 2.04%.

Analysts highlighted that expectations for the US Federal Reserve to begin interest rate cuts this year have strengthened. This, along with a potential easing cycle in European central banks’ monetary policies, has increased risk appetite in global equity markets.

The Bank of England (BoE) maintained its policy rate at 5.25%, the highest level in 16 years, as expected by the market. In its statement, the BoE noted that seven members voted to keep the policy rate at 5.25%, while two members voted to reduce it by 25 basis points to 5%.

Meanwhile, the Swiss National Bank (SNB) cut its policy rate by 25 basis points for the second time to support the economy, maintaining its leading position among developed countries in the policy rate easing cycle.

Analysts noted that domestic data to be watched tomorrow include the Foreign Producer Price Index (YD-ÜFE). Internationally, key data to follow include manufacturing, services, and composite Purchasing Managers’ Index (PMI) figures worldwide, as well as the Consumer Price Index (CPI) in Japan, leading index data, and existing home sales in the US.

From a technical perspective, analysts stated that the BIST 100 index has resistance levels at 10,800 and 10,900 points, while support levels are at 10,600 and 10,500 points.

source: prepared by Melisa Beğiç

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