How did the stock market start the day? (March 12, 2024)

The stock market started the day with gains.

At the opening, the BIST 100 index rose by 15.68 points and 0.17 percent compared to the previous close, reaching 9,147.51 points.

While the banking index remained flat, the holding index recorded a 0.13 percent increase. Among sector indices, the textile and leather sector was the top gainer with 0.78 percent, while the information technology sector saw the largest decline with 0.79 percent.

Following a sell-heavy trend yesterday, the BIST 100 index at Borsa Istanbul closed the day with a 0.26 percent loss at 9,131.82 points.

Analysts stated that global equity markets are following a cautious trend ahead of the inflation data to be released in the US today, noting that uncertainties regarding when the US Federal Reserve (Fed) will begin interest rate cuts continue.

While the Consumer Price Index (CPI) in the US is expected to rise by 0.4 percent monthly and 3.1 percent annually in February, it is estimated that this data could increase volatility in asset prices.

Analysts noted that balance of payments and industrial production data will be monitored domestically today, while inflation in Germany, the unemployment rate in the UK, and inflation data in the US will be followed abroad. They also noted that, from a technical perspective, 9,200 and 9,300 points are resistance levels for the BIST 100 index, while 9,100 and 9,000 levels are in the support position.

On the other hand, economists participating in the AA Finance Balance of Payments Expectation Survey estimate that the current account deficit was 2 billion 460 million dollars in January. Economists expect the current account deficit to reach 30 billion 611 million dollars in 2024.

News Source: AA