BIST 30 index-based contract starts the day with an increase

The December-dated BIST 30 index-based contract on the Borsa Istanbul Derivatives Market (VIOP) started the day with a 0.2 percent increase at 8,474.25 points.

The December-dated index contract traded at 8,474.25, which is 0.2 percent above the previous normal session close, during the opening session.

Yesterday, the index contract followed a downward trend and completed the normal session at 8,455.75 points, 2.5 percent below its previous close. The index contract rose to 8,469.50 points in the evening session.

Analysts stated that a positive trend is being observed in global equity markets as expectations remain strong that the US Federal Reserve (Fed) will begin interest rate cuts in March, adding that inflation data to be announced in the US today has become the focus of investors.

Noting that it is considered certain that the policy rate will be kept constant in the 5.25-5.50 percent range at the Federal Open Market Committee (FOMC) meeting, which will begin today and whose decisions will be announced tomorrow, analysts also expressed that the forward guidance of Fed Chair Jerome Powell carries great importance.

Analysts stated that the domestic data agenda is quiet today, while abroad, the unemployment rate in the UK, ZEW indices in the Eurozone and Germany, and inflation data and treasury budget balance data in the US will be monitored, noting that technically, the 8,400 and 8,300 levels are support, and 8,500 and 8,600 points are resistance for the index contract.

News Source: 12punto