How did the stock market close? (May 23, 2024)

The BIST 100 index decreased by 106.75 points compared to the previous close, with a total trading volume of 123.4 billion liras. The banking index lost 1.67 percent, and the holding index lost 0.97 percent.

Among the sector indices, sports was the top gainer with 3.39 percent, while mining was the top loser with 1.87 percent.

Analysts noted that global equity markets followed a mixed course after the minutes of the US Federal Reserve's (Fed) latest meeting indicated that the policy rate could remain at high levels for longer than expected, despite chipmaker Nvidia announcing record-breaking revenue.

Meanwhile, the Central Bank of the Republic of Turkey (TCMB) Monetary Policy Committee (PPK) kept the one-week repo auction rate, which is the policy rate, unchanged at 50 percent.

In its Monetary Policy Committee announcement, the TCMB stated, "The underlying trend of monthly inflation recorded a limited weakening in April. Indicators for the near term point to a slowdown in domestic demand compared to the first quarter. Considering recent credit growth and deposit developments, additional steps will be taken to maintain macro-financial stability and support the monetary transmission mechanism."

On the other hand, the TCMB took steps to support Turkish lira (TL) deposits, accelerate the decline in Foreign Currency Protected Deposits (KKM), and limit the increase in foreign currency loans. The bank increased the reserve requirement ratios applied to TL deposits and KKM accounts.

Analysts stated that the domestic data agenda will be quiet tomorrow, while inflation in Japan, growth in Germany, durable goods orders in the US, and the University of Michigan consumer confidence index will be monitored abroad, noting that technically, 10,700 and 10,650 points are support levels, while 11,000 and 11,200 levels are resistance positions for the index contract.

News Source: AA