How did the stock market start the day?

At the opening, the BIST 100 index rose by 41.27 points and 0.53 percent compared to the previous close, reaching 7,860.16 points.

The banking index recorded a 1.17 percent increase, and the holding index rose by 0.45 percent. While all sector indices rose, banking was the top gainer.

Yesterday, the BIST 100 index at Borsa Istanbul, which followed a buying-weighted trend, completed the day with a 2.49 percent gain at 7,818.89 points. This trend was influenced by Bank of America (BofA) announcing that Turkish banks are back on the radar for investors.

Analysts stated that while uncertainties regarding the US Federal Reserve's (Fed) future monetary policy steps persist in global equity markets, a positive trend led by the technology sector is being observed. They added that the announcement that the first civil lawsuit (Owens case) filed against Halkbank for damages has been finally dismissed has supported risk appetite domestically.

In the statement made by Halkbank on the Public Disclosure Platform (KAP), it was stated, "The Owens case filed against our Bank on March 27, 2020, has been finally dismissed. The legal processes regarding the second civil lawsuit (Hughes case) filed on July 26, 2023, and the criminal case dated October 15, 2019, are ongoing."

Following this statement, Halkbank's share price started the day at the daily ceiling price with a 10 percent increase.

On the other hand, at the "Investor Days" meeting to be held in New York on Thursday, January 11, by the Central Bank of the Republic of Turkey (TCMB), TCMB Governor Hafize Gaye Erkan will meet with over 200 senior representatives from the world's largest investment funds, which have a combined size of 50 trillion dollars.

Analysts, noting that the domestic data agenda is quiet today, while industrial production in Germany, the unemployment rate in the Eurozone, and the foreign trade deficit in the US will be monitored abroad, stated that technically, the 7,900 and 8,000 levels are resistance, and 7,800 and 7,700 points are support positions for the BIST 100 index.

News Source: AA