How did the stock market start the last trading day of the week? (February 23, 2024)

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

At the opening, the BIST 100 index gained 14.58 points and 0.16 percent compared to the previous close, rising to 9,361.76 points.

While the banking index decreased by 0.33 percent, the holding index recorded an increase of 0.15 percent. Among the sector indices, the information technology sector was the top gainer with 0.97 percent, while the securities investment trust sector was the top loser with 3.06 percent.

Yesterday, the BIST 100 index at Borsa Istanbul, which followed a volatile course, completed the day with a 0.38 percent gain at 9,347.17 points, achieving its all-time high close. The index also moved its record for the highest level seen to 9,406.27 points.

Analysts emphasized that new peaks were seen in US, European, and Japanese equity markets following Nvidia's financial results, which came in above expectations, and stated that eyes are turned to growth data in Germany today.

CENTRAL BANK KEPT POLICY RATE STEADY AT 45 PERCENT

On the other hand, the Central Bank of the Republic of Turkey (TCMB) Monetary Policy Committee (PPK) kept the one-week repo auction rate, which is the policy rate, unchanged at 45 percent yesterday.

In the announcement made by the TCMB regarding interest rates, it was stated, "The Committee has assessed that the current level of the policy rate will be maintained until a significant and permanent decline in the underlying trend of monthly inflation is achieved and inflation expectations converge to the projected forecast range."

In addition, Turkey's 5-year credit default swap (CDS), which continues its downward trend, fell to 289 basis points.

Analysts stated that capacity utilization rate and real sector confidence index data will be monitored domestically today, while growth and Ifo business climate index data in Germany will be monitored abroad, and noted that from a technical perspective, the 9,400 and 9,500 levels are resistance, while the 9,300 and 9,200 levels are support for the BIST 100 index.

News Source: AA