Borsa Istanbul: Stock market renews weekly closing record

BIST 100 index in Borsa Istanbul completed the day at 2,251.68 points with a value gain of 0.82% and realized the highest weekly close of all time.

While the BIST 100 index increased by 18.38 points compared to the previous close, the total transaction volume stood at ₺40.7 billion.

While the banking index gained 1.06%, the holding index lost 0.23%. Among the sector indices, financial leasing and factoring earned the most with 4.22%, and tourism with 2.64% declined the most.

BIST 100 index, which carried the upward trend for the fifth week in a row, brought the weekly closing record to 2,251.68 points.

BIST 30 index also closed the day with an increase of 0.95% at 2,500.71 points and broke the weekly closing record.

Analysts drew attention to the fact that the BIST 100 index diverged positively, despite the ongoing uncertainties regarding the Russia-Ukraine war and the increasing recession concerns in global markets.

Analysts emphasized that the expectations that central banks will implement the tightening process in monetary policies more aggressively due to geopolitical risks and increasing inflationary pressures have increased. Noting that the US 10-year bond yield has tested above 2.45 today, they also stated that the activity in the bond markets continues in this context.

Analysts said next week that the minutes of the US Federal Reserve (Fed) Federal Open Market Committee (FOMC) and European Central Bank (ECB) meeting will be in the focus of the markets.

Analysts said that on the data agenda next week, domestic inflation, export figures, treasury cash balance, factory orders abroad in the USA, retail sales in the Euro Zone, and the non-manufacturing Purchasing Managers Index (PMI) data to be announced worldwide will come to the fore. Technically, they noted that 2.150 and 2.130 levels in the BIST 100 index are in the support position and 2.300 points are in the resistance position.

Economists participating in the AA Finans Inflation Expectation Survey expect the Consumer Price Index (CPI) to increase by 5.34% in March. According to the average of economists’ March inflation expectations (5.34%), it is calculated that annual inflation, which was 54.44% in the previous month, will rise to 60.95%.

Source: NTV / Translated by Irem Yildiz

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