BIST 100 index at Borsa Istanbul starts the day with gains

The BIST 100 index at Borsa Istanbul started the day with a 0.06 percent increase at 7,769.78 points.

At the opening, the BIST 100 index rose by 4.82 points, or 0.06 percent, compared to the previous close, reaching 7,769.78 points.

The banking index rose by 0.37 percent, while the holding index recorded a decrease of 0.14 percent. Among the sector indices, the securities investment trust index gained the most with 1.38 percent, while the construction index declined the most with 1.12 percent.

Yesterday, the BIST 100 index at Borsa Istanbul followed a buying-weighted trend and completed the day with a 1.33 percent gain at 7,764.95 points.

Analysts stated that uncertainties regarding the duration and magnitude of interest rate cuts expected to begin next year by the US Federal Reserve (Fed) continue in global markets, and that eyes are turned today to the personal consumption expenditures in the US, which is closely monitored by the Fed as an inflation indicator.

On the other hand, the Monetary Policy Committee (MPC) of the Central Bank of the Republic of Turkey (TCMB) raised the one-week repo auction interest rate, which is the policy rate, by 250 basis points to 42.50 percent yesterday.

In the MPC text, the statement, "The Committee will continue quantitative tightening by increasing the variety of sterilization tools used to support the monetary tightening process," drew attention.

Meanwhile, according to the data released yesterday, the total reserves of the TCMB reached an all-time high of 142 billion 528 million dollars in the week of December 15, an increase of 1 billion 154 million dollars compared to the previous week, while the total purchases of stocks by foreign residents since the beginning of the year reached approximately 1 billion 175 million dollars.

Analysts noted that the domestic data agenda is quiet today, while a busy data agenda will be followed abroad, primarily growth in the UK and personal consumption expenditures in the US, and stated that technically, the 7,810 level is resistance for the BIST 100 index, while 7,590 and 7,500 points are in the support position.

News Source: 12punto