Istanbul Stock Market Ends Day in Decline: BIST 100 Index Falls 1.25%

The stock market ended the day with a decrease. The BIST 100 index in Istanbul completed the day by losing 1.25 percent, closing at 8,718.11 points. The total trading volume was 72 billion Turkish lira, while the banking index gained 0.66 percent, and the holding index lost 2.46 percent compared to the previous closing.

Among the sector indices, investment trusts gained the most with 1.13 percent, while sports suffered the most with a decline of 4.92 percent. Analysts noted that global stock markets started the week positively as the central banks of the United States, the United Kingdom, and Japan were set to announce their interest rate decisions.

They also highlighted that in the domestic market, investors were focusing on the monetary policy decisions of the Central Bank of the Republic of Turkey (CBRT). Analysts mentioned that tomorrow’s domestic data agenda would be calm, while abroad, the focus would be on the Bank of Japan (BoJ) interest rate decision, housing starts and building permits in the United States, and ZEW indices in Germany.

It is also stated that it was anticipated that the BoJ might raise its policy rate for the first time in 17 years. Referring to the announcement of the strongest wage agreements by Japan’s largest union group in thirty years, analysts expressed that expectations strengthened regarding the BoJ ending its negative interest rate policy. From a technical standpoint, they noted that the 8,700 level was a support level for the BIST 100 index, while 9,100 and 9,200 points acted as resistance levels.

source: prepared by Melisa Beğiç

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button