How did the stock market start the day?

The stock market started the day with an increase.

At the opening, the BIST 100 index gained 22.21 points and 0.29 percent compared to the previous close, rising to 7,570.05 points.

The banking index recorded a 0.11 percent increase, and the holding index rose by 0.16 percent. Among sector indices, the top gainer was information technology with 0.84 percent, while the biggest decliner was securities investment trusts with 0.28 percent.

Yesterday, the BIST 100 index at Borsa Istanbul, which followed a buying-weighted trend, completed the day with a 1.83 percent loss at 7,547.84 points.

Analysts stated that global markets are following a mixed trend due to uncertainty regarding when the US Federal Reserve (Fed) will begin interest rate cuts, adding that the data in the employment report to be released in the US today has become the focus of investors.

Following the data released in the US yesterday, which indicated that the labor market is maintaining its strength, the probability of the Fed starting interest rate cuts at its March meeting in money market pricing decreased by 20 basis points compared to the beginning of the week, falling to 65 percent.

On the other hand, yesterday (January 4), Minister of Treasury and Finance Mehmet Şimşek stated that an improvement in Turkey's credit rating outlook has begun and that they believe a credit rating upgrade will follow, noting the following:

"(To the business world) We have introduced tremendous incentives for goods and services, and we will continue to do so. If you are not exporting, please make plans to 'export in 2024 and beyond.' Because we will support you. We will forgo more than 630 billion liras in revenue in 2024 to support your competitiveness, employment, and employees."

Analysts reported that a busy data agenda will be followed today, primarily the weekly money and bank statistics domestically and the employment report in the US abroad, and noted that technically, 7,600 and 7,700 points are resistance levels for the BIST 100 index, while 7,500 and 7,400 levels are in the support position.

News Source: AA