Borsa ends the day with a decline

The BIST 100 index decreased by 65.06 points compared to the previous close, with a total trading volume of 75.5 billion lira.

The banking index lost 1.44 percent, and the holding index lost 0.14 percent.

Among sector indices, the food and beverage sector gained the most with 1.80 percent, while the mining sector lost the most with 2.58 percent.

Market volatility increased following the release of employment data in the US.

Non-farm payrolls in the US increased by 199 thousand in November, exceeding expectations, while the unemployment rate fell from 3.9 percent to 3.7 percent.

While the average weekly working hours rose to 34.4, average hourly earnings, which are closely watched by the US Federal Reserve (Fed), increased by 0.4 percent to 34.10 dollars.

Market expectations were for a 0.3 percent increase in average hourly earnings during the period in question. The average hourly earnings data, which points to the strongest increase in salaries in the last four months, had increased by 0.2 percent in October.

AN INCREASE IS EXPECTED COMPARED TO THE PREVIOUS YEAR

Following the release of the employment data in the US, the probability that the Fed could start cutting policy rates in March fell below 50 percent.

Analysts stated that the increase in average hourly earnings could bring back inflation risks.

Analysts, who stated that the balance of payments, industrial production, unemployment rate, Central Bank of the Republic of Turkey (TCMB) market participants survey, housing sales, and budget balance will be in focus domestically next week, and the US Federal Reserve (Fed), European Central Bank (ECB), and Bank of England (BoE) interest rate decisions, as well as inflation, industrial production, and retail sales in the US, retail sales and industrial production in China, and industrial production in Japan will be in focus abroad, noted that technically, 7,900 and 7,800 points are support levels for the BIST 100 index, while 8,000 and 8,100 levels are resistance levels.

Economists participating in the AA Finance Industrial Production Expectation Survey expect the calendar-adjusted industrial production index to increase by 2.09 percent in October compared to the same period of the previous year.

Economists predicted that the unadjusted industrial production index would also increase by 3.89 percent on an annual basis in October.

Economists, who expect the current account to post a surplus of 745 million dollars in October, estimate that the current account will post a deficit of 46 billion 850 million dollars at the end of 2023.

News Source: AA