How did the stock market start the first trading day of the week? (March 4, 2024)

The stock market started the first trading day of the week with an increase.

At the opening, the BIST 100 index gained 41.96 points and 0.46 percent compared to the previous close, rising to 9,139.11 points.

The banking index recorded an increase of 0.41 percent, and the holding index rose by 0.50 percent. Among sector indices, the food and beverage sector was the top gainer with 0.86 percent, while the securities investment trust sector was the biggest loser with 1.10 percent.

On Friday, the BIST 100 index at Borsa Istanbul, which followed a buying-oriented trend, completed the day with a 1.05 percent loss at 9,097.15 points.

Analysts stated that global equity markets started the week with a cautious trend as investors monitor a busy data calendar, primarily the employment report in the US, and noted that eyes are turned to inflation data domestically today.

TAX STATEMENT FROM ŞİMŞEK

On the other hand, Minister of Treasury and Finance Mehmet Şimşek said in a TV program he attended, "There will be no general increase in VAT, corporate, or income tax rates. We have not even considered a new regulation regarding the motor vehicle tax."

Stating that they will not take any steps that would unsettle the markets, Şimşek assessed, "As of now, there is no tax regulation on our agenda that would disrupt the market, whether for the stock exchange or any other area."

Analysts, noting that the data agenda abroad is quiet today, while domestically, in addition to inflation, data on the foreign exchange assets and liabilities of firms outside the financial sector will be monitored, recorded that technically, the 9,200 and 9,300 levels are resistance points for the BIST 100 index, while 9,100 and 9,000 points are in the support position.

News Source: AA