Istanbul Stock Exchange Achieves Record High Closures

The BIST 100 index on the Istanbul Stock Exchange concluded the day at 9,174.58 points with a 1.42% gain, achieving its highest daily closing in history. The index also set a new record by reaching its highest level at 9,175.82 points.

Closing 128.61 points higher than the previous session, the BIST 100 index witnessed a total trading volume of 139.3 billion Turkish liras.

Among the sector indices, the banking index gained 3.10%, while the holding index increased by 0.36%. The real estate investment trust sector showed the highest gain, rising by 4.45%, while the transportation sector experienced the most significant decline, dropping by 1.12%.

The positive impact of the government’s “market-friendly” measures on Turkish lira (TL) assets continued, contributing to the decline in Turkey’s 5-year credit default swap (CDS), which reached 300 basis points amid the downward trend that began in February.

Analysts noted a cautious start to the week in global equity markets, with a focus on intensive macroeconomic data, especially inflation, in the United States. They highlighted the positive divergence of domestic markets.

Analysts indicated that in terms of technical analysis, the BIST 100 index has resistance levels at 9,200 and 9,300 points, with support levels at 9,100 and 9,000 points.

Looking ahead, economists participating in the AA Finance Expectations Survey predict a $3.083 billion deficit in the current account for December 2023. They anticipate a current account deficit of $46.098 billion in 2023 and $35.25 billion in 2024.

source: / prepared by Melisa Beğiç

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