How did the stock market start the day? (May 2, 2024)

The stock market started the day with gains.

At the opening, the BIST 100 index rose by 51.64 points and 0.51 percent compared to the previous close, reaching 10,097.39 points.

The banking index recorded a 0.28 percent increase, and the holding index rose by 0.16 percent. Among sector indices, the textile and leather sector was the top gainer with 1.09 percent, while the sports sector was the top loser with 2.95 percent.

On Tuesday, the BIST 100 index at Borsa Istanbul followed a volatile course and completed the day with a 0.37 percent decrease at 10,045.74 points.

Analysts stated that global equity markets followed a mixed course after the US Federal Reserve (Fed) kept interest rates steady and following the forward guidance provided by Fed Chair Jerome Powell, noting that a busy data agenda has become the focus of investors today.

Yesterday, the Fed kept the policy rate steady in the 5.25-5.50 percent range, the highest level in 23 years. The statement released by the bank noted that there has been a lack of further progress in recent months toward the 2 percent inflation target.

Following the interest rate decision, Fed Chair Jerome Powell also signaled in a press conference that interest rates might remain high for longer than expected.

Stating that the policy focus is on how long monetary policy will remain restrictive, Powell said, "I think it's unlikely that the next policy move will be a rate hike."

Analysts noted that manufacturing Purchasing Managers' Index (PMI) data from both domestic and European markets, as well as weekly jobless claims, foreign trade balance, and factory orders in the US, will be monitored today, adding that from a technical perspective, the 10,100 and 10,200 levels are resistance points for the BIST 100 index, while 10,000 and 9,900 points are support levels.

News Source: AA