How did the stock market start the last trading day of the week? (March 22, 2024)

The stock market started the day with an increase.

At the opening, the BIST 100 index rose by 21.71 points and 0.24 percent compared to the previous close, reaching 9,162.41 points.

The banking index recorded a 0.07 percent increase, and the holding index rose by 0.56 percent. Among sector indices, the metal main industry was the top gainer with 0.84 percent, while the real estate investment trust was the top loser with 0.44 percent.

Yesterday, the BIST 100 index at Borsa Istanbul followed a bullish trend, closing the day with a 2.07 percent gain at 9,140.70 points, with buying in the banking and holding sectors following the Central Bank of the Republic of Turkey's (TCMB) 500 basis point interest rate hike proving effective in this rise.

Analysts stated that global equity markets are following a positive trend due to expectations that the US economy could achieve a "soft landing" and that the US Federal Reserve (Fed) could implement a total of three interest rate cuts by the end of the year.

Analysts, who noted that the real sector confidence index and capacity utilization will be monitored domestically today, and that Fed Chair Jerome Powell's speech, as well as retail sales in the UK and the Ifo business climate index in Germany, will be followed abroad, recorded that from a technical perspective, the 9,250 and 9,400 levels are resistance, while 9,000 and 8,900 points are support positions for the BIST 100 index.

News Source: 12punto