BIST 30 index-based contract starts the day with a 0.4 percent increase at 8,648.75 points

The December-dated index contract traded at 8,648.75, which is 0.4 percent above the previous normal session close, during the opening session.

Yesterday, the index contract followed a bullish trend, completing the normal session at 8,616.00 points, 3.9 percent above its previous close. The index contract continued its rise in the evening session, reaching 8,633.00 points.

Analysts stated that global equity markets followed a positive course on the last trading day of the week, during which major central banks announced their monetary policy decisions and a busy data agenda was monitored, while domestically, the Turkey assessment report expected from international credit rating agency Moody's after the markets close this evening has become the focus of investors.

Turkey's 5-year credit default swap (CDS), which has been on a downward trend since the end of May due to steps taken by the new economic administration, fell below 300 basis points for the first time since March 2021 yesterday, dropping to 290 basis points.

Central Bank of the Republic of Turkey (TCMB) Governor Dr. Hafize Gaye Erkan, who attended the Turkish Exporters Assembly (TIM) Sectors Council meeting, stated that the time has come for a transition to the Turkish Lira, saying, "We are seeing the most direct reflections of this in deposit developments."

On the other hand, according to data released by the TCMB yesterday, non-residents made their highest inflows into stocks since the week of November 13, 2020, and into Government Domestic Debt Securities (DİBS) since the week of August 25, 2017.

Analysts reported that today, the TCMB Market Participants Survey and short-term debt stock data will be monitored domestically, while a busy data agenda, primarily the preliminary Purchasing Managers' Index (PMI) worldwide and industrial production in the US, will be followed abroad.

Stating that 8,700 and 8,800 points stand out as resistance for the index contract from a technical perspective, analysts noted that the 8,600 and 8,500 levels are in the support position.

News Source: 12punto