Borsa Istanbul closes the day with a decline

The BIST 100 index at Borsa Istanbul lost 0.75 percent in value, ending the day at 7,950.06 points.

The BIST 100 index decreased by 60.08 points compared to the previous close, with a total trading volume of 91.2 billion liras.

The banking index lost 4.35 percent, while the holding index lost 1.26 percent.

BANKING SECTOR SAW THE LARGEST DECLINE

Among sector indices, tourism was the top gainer with 3.52 percent, while banking saw the largest decline.

Analysts stated that the effects of "soft landing" scenarios for the US economy gaining strength are being observed in global markets.

Stating that expectations for central banks to begin interest rate cuts in March continue to lose momentum, analysts expressed that hopes that economies could overcome this period without entering a recession are supporting risk appetite.

Analysts noted that the domestic data agenda will be quiet tomorrow, while abroad, Japan's foreign trade balance and the manufacturing Purchasing Managers' Index (PMI) data to be released in the US and Europe will stand out, adding that from a technical perspective, 7,900 points serve as support for the BIST 100 index, while 8,200 and 8,300 levels act as resistance.

News Source: AA