Borsa Istanbul stock market started the day with an increase

At the opening, the BIST 100 index increased by 51.64 points and 0.51% to 10,097.39 points compared to the previous close.

The banking index rose by 0.28% and the holding index by 0.16%. Among the sector indices, textiles leather was the highest gainer with 1.09%, while sports had the highest loss with 2.95%.

On Tuesday, the BIST 100 index, which followed a volatile trend on Borsa Istanbul, closed the day with a 0.37% decrease at 10,045.74 points.

Analysts noted that global equity markets witnessed a mixed trend following the Federal Reserve’s decision to keep interest rates unchanged and Fed Chair Jerome Powell’s verbal guidance, stating that today’s intensive data agenda had become the focus of investors.

Yesterday, the Fed kept its policy interest rate unchanged within the range of 5.25-5.50%, the highest level in 23 years. The statement from the bank mentioned that progress towards the 2% inflation target had not been achieved in recent months.

Following the interest rate decision, Fed Chair Jerome Powell, in a press conference, signaled that interest rates could remain higher than expected for a longer period.

Powell emphasized that the focus of policy was how long monetary policy would remain restrictive, stating, “I don’t think the next policy move will likely be a rate hike.”

Analysts pointed out that today, manufacturing Purchasing Managers’ Index (PMI) data in Turkey and Europe, as well as weekly jobless claims, trade balance, and factory orders data in the United States, would be closely monitored. They also noted that technically, resistance levels for the BIST 100 index were at 10,100 and 10,200 points, while support levels were at 10,000 and 9,900 points.

source: prepared by Melisa Beğiç

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