How did the index contract start the day in VIOP (March 5, 2024)

The BIST 30 index-based contract for April delivery on the Borsa Istanbul Derivatives Market (VIOP) started the day with a 0.3 percent increase at 9,940.00 points. The April-dated index contract traded at 9,940.00, which is 0.3 percent above the previous normal session close, during the opening session.

Yesterday, the index contract followed a bearish trend and completed the normal session at 9,910.25 points, 1.7 percent below its previous close. The index contract stood at 9,936.00 points in the evening session.

Analysts stated that global equity markets are following a negative trend due to the ongoing uncertainty regarding when the US Federal Reserve (Fed) will begin interest rate cuts, adding that service sector and composite Purchasing Managers' Index (PMI) data from around the world are now the focus of investors today.

Stating that interest in technology companies operating in the fields of semiconductor chips and artificial intelligence continues, analysts noted that investors are acting cautiously ahead of the US employment data to be released later this week.

Analysts noted that the real effective exchange rate will be monitored domestically today, while service sector and composite PMI data globally, as well as the Producer Price Index (PPI) in the Eurozone and factory orders in the US, will be followed. They reported that, from a technical perspective, the 10,000 and 10,100 levels are resistance, while 9,900 and 9,800 points are support for the index contract.

News Source: AA