How did the stock market start the final trading day of the week? (March 1, 2024)

The stock market started the day with gains.

At the opening, the BIST 100 index rose by 24.61 points, or 0.27 percent, compared to the previous close, reaching 9,218.30 points.

The banking index recorded a 0.15 percent increase, while the holding index rose by 0.32 percent. Among sector indices, the information technology sector was the top gainer with 1.80 percent, while mining was the only decliner, falling by 0.13 percent.

Yesterday, the BIST 100 index at Borsa Istanbul followed a bullish trend, closing the day with a 1.45 percent gain at 9,193.69 points.

Analysts stated that risk appetite in global equity markets has increased following data indicating a continued slowdown in the core personal consumption expenditures price index, which the US Federal Reserve (Fed) considers as an inflation indicator, and noted that eyes are now turned to a busy data agenda today.

Stating that the inflation indicator, which continues to slow down and came in line with expectations, has increased expectations that the Fed could cut interest rates in the first half of the year, analysts reported that in money market pricing, the probability of the bank's first interest rate cut has risen to 25 percent in May and 70 percent in June.

Analysts noted that today, in addition to manufacturing Purchasing Managers' Index (PMI) data from both domestic and global markets, preliminary inflation data from the Eurozone and the University of Michigan consumer confidence index in the US will be monitored, adding that from a technical perspective, the 9,300 and 9,400 levels are resistance points for the BIST 100 index, while the 9,200 and 9,060 levels are support levels.

News Source: AA