How did the stock market perform in the first half of the day? (March 1, 2024)

The stock market declined in the first half of the day.

Moving with a downward trend in the first half of the day, the BIST 100 index fell by 27.66 points compared to the previous close, reaching 9,166.03 points as of 13:00. The total trading volume was recorded at 48.7 billion liras.

The banking index lost 0.84 percent, and the holding index lost 0.32 percent. Among sector indices, the textile and leather sector was the top gainer with 2.96 percent, while the communication sector was the biggest loser with 1.04 percent.

Analysts stated that risk appetite in global equity markets increased following data indicating a continued slowdown in the core personal consumption expenditures price index, which the US Federal Reserve (Fed) considers as an inflation indicator, noting that domestic markets diverged negatively.

Stating that the domestic data agenda is quiet today and that manufacturing Purchasing Managers' Index (PMI) data worldwide, as well as preliminary inflation data in the Eurozone and the University of Michigan consumer confidence index in the US, will be monitored, analysts noted that from a technical perspective, the 9,300 and 9,400 levels are resistance, while the 9,100 and 9,060 levels are support for the BIST 100 index.

News Source: AA