How did the stock market start the day? (February 20, 2024)

The stock market started the day with gains.

At the opening, the BIST 100 index rose by 42.18 points and 0.46 percent compared to the previous close, reaching 9,238.59 points.

The banking index recorded a 0.41 percent increase, and the holding index rose by 0.58 percent. Among sector indices, the information technology sector was the top gainer with 1.25 percent, while the insurance sector was the only decliner, falling by 1.24 percent.

Yesterday, the BIST 100 index at Borsa Istanbul followed a downward trend, closing the day with a 0.58 percent loss at 9,196.41 points. The index had previously set a new record high at 9,404.11 points.

Analysts stated that concerns in global equity markets regarding the US Federal Reserve (Fed) potentially delaying interest rate cuts remain high, noting a negative trend ahead of the earnings reports expected from major companies in the US.

Analysts, who noted that consumer confidence index and international investment position data will be monitored domestically today, and balance of payments in the Eurozone and leading indicators in the US will be followed abroad, recorded that technically, the 9,300 and 9,400 levels are resistance, while the 9,200 and 9,100 levels are support for the BIST 100 index.

News Source: AA