How did the stock market start the day? (January 30, 2024)

The stock market started the day with gains.

At the opening, the BIST 100 index rose by 40.85 points and 0.48 percent compared to the previous close, reaching 8,512.55 points.

The banking index recorded a 0.83 percent increase, while the holding index rose by 0.30 percent. Among sector indices, the metal main industry was the top gainer with 1.20 percent, while the sports sector was the biggest loser with 0.35 percent.

Yesterday, the BIST 100 index at Borsa Istanbul followed a bullish trend and closed the day with a 1.50 percent gain at 8,471.70 points.

Analysts stated that while the S&P 500 and Dow Jones indices on the New York Stock Exchange continued to hit records ahead of the US Federal Reserve's (Fed) monetary policy decisions tomorrow, growing concerns regarding the real estate sector in Asia caused selling pressure to deepen.

DEPOSIT MOVE FROM THE CENTRAL BANK

On the other hand, the Central Bank of the Republic of Türkiye (TCMB) has taken a new step to support the transition to Turkish Lira (TL) deposits.

Accordingly, it was decided to reduce the reserve requirement ratios for accounts with currency protection from 30 percent to 25 percent for maturities up to 6 months, and to increase the additional reserve requirement ratio in TL for all maturities for foreign currency deposits/participation funds (excluding deposits/participation funds of foreign banks and precious metal deposit accounts) from 4 percent to 8 percent.

It was stated that with these regulations, steps toward the transition to TL deposits are being strengthened, and the quantitative tightening process is continuing.

Analysts noted that a busy data agenda will be followed today, primarily the economic confidence index domestically, and growth data in the Eurozone and Germany, as well as the JOLTS job openings in the US, adding that technically, the 8,530 and 8,600 levels are resistance points for the BIST 100 index, while 8,250 and 8,100 points are support levels.

News Source: AA