How did the stock market start the day? (March 5, 2024)

At the opening, the BIST 100 index rose by 5.76 points and 0.06 percent compared to the previous close, reaching 8,913.41 points.

While the banking index increased by 0.15 percent, the holding index recorded a decrease of 0.36 percent. Among sector indices, the forestry, paper, and printing sector was the top gainer with 1.26 percent, while the holding sector was the biggest loser.

Yesterday, the BIST 100 index at Borsa Istanbul followed a selling trend and closed the day with a 2.08 percent loss at 8,907.65 points.

Analysts stated that global equity markets are following a negative trend due to continued uncertainty regarding when the US Federal Reserve (Fed) will begin interest rate cuts, adding that service sector and composite Purchasing Managers' Index (PMI) data from around the world are now the focus of investors today.

Noting that interest in technology companies operating in the fields of semiconductor chips and artificial intelligence continues, analysts also mentioned that investors are acting cautiously ahead of the US employment data to be released later this week.

Analysts noted that the real effective exchange rate domestically, and service sector and composite PMI data globally, as well as the Producer Price Index (PPI) in the Eurozone and factory orders in the US, will be monitored today, adding that technically, 9,000 and 9,100 points are resistance levels for the BIST 100 index, while 8,900 and 8,800 levels are support levels.

News Source: 12punto