Concerns persist: Stock market opens the day with a decline

At the opening, the BIST 100 index fell by 7.51 points, or 0.07 percent, compared to the previous close, dropping to 10,016.80 points.

While the banking index gained 0.09 percent, the holding index lost 0.20 percent. Among sector indices, sports was the top gainer with 0.66 percent, while communication was the biggest decliner with 0.50 percent.

The BIST 100 index at Borsa Istanbul, which followed an upward trend yesterday, completed the day with a 1.45 percent gain at 10,024.31 points.

While global markets are showing a mixed trend due to ongoing concerns about the US economy, the Inflation Report presentation to be delivered by Central Bank of the Republic of Turkey (TCMB) Governor Fatih Karahan has become the focus for investors domestically.

Analysts noted that the data in the employment report released in the US last week increased recession concerns, adding that the weekly jobless claims data to be released in the country today could provide further evidence regarding the labor market and could be decisive for the direction of the markets.

Stating that the 3rd Inflation Report of the year to be released by the TCMB domestically, and weekly jobless claims as well as wholesale inventories in the US abroad will be monitored, analysts noted that technically, 9,800 and 9,750 points are support levels for the BIST 100 index, while 10,100 and 10,200 points are resistance levels.

In the 2nd Inflation Report meeting of the year, the TCMB had updated its 2024 year-end inflation forecast upward by 2 points to 38 percent, while maintaining its 2025 and 2026 forecasts at 14 percent and 9 percent, respectively.

News Source: 12punto