The BIST 100 index at Borsa Istanbul commenced the week with a 0.51% increase, opening at 7,667.85 points.
Muhammed Said Tanıl | 08.01.2024 – Update: 08.01.2024 Stock Exchange Initiates the Week with an Upward Trend
In the opening session, the BIST 100 index exhibited a gain of 39.12 points, marking a 0.51% increase compared to the previous closing, reaching 7,667.85 points.
The banking index experienced a 1.60% increase, while the holding index rose by 0.66%. Among the sector indices, securities investment trusts led with a gain of 2.52%, while the only decliner was the chemical, oil, and plastics sector with a 1.65% decrease.
On Friday, the BIST 100 index, predominantly following an upward trajectory, concluded the day with a 1.07% gain, closing at 7,628.73 points.
Analysts note that global equity markets began the week with a mixed performance due to the upcoming release of U.S. inflation data. They also emphasized the significance of closely monitoring the intensive domestic data agenda and the “Investor Days” meetings initiated by the Central Bank of the Republic of Turkey (CBRT) scheduled to commence this week.
Expectations persist regarding the conclusion of the hawkish policies pursued by major central banks worldwide in the fight against inflation over the past approximately two years. However, uncertainties regarding the magnitude and timing of interest rate cuts continue to complicate market valuations.
In addition to the awaited evaluation report on Turkey by international credit rating agency Moody’s, attention will be closely focused on the inaugural session of the Investor Days organized by the CBRT at JPMorgan’s New York headquarters on January 11.
Analysts highlight that today’s agenda includes monitoring the domestic treasury cash balance, while internationally, attention will be directed towards Germany’s trade surplus and retail sales, as well as unemployment and retail sales data in the Eurozone. From a technical standpoint, they indicate that resistance levels for the BIST 100 index are at 7,700 and 7,800, while support is positioned at 7,600 and 7,500 points.
source: aa.com.tr / prepared by Melisa Beğiç