How did the stock market start the week? (February 5, 2024)

The stock market started the week with gains.

At the opening, the BIST 100 index rose by 50.89 points, or 0.59 percent, compared to the previous close, reaching 8,716.57 points.

The banking index recorded a 1.96 percent increase, while the holding index rose by 0.56 percent. Among sector indices, banking was the top gainer, while sports was the biggest loser with a 0.26 percent decline.

On Friday, the BIST 100 index at Borsa Istanbul followed a buying trend, extending its upward momentum for the eighth consecutive trading day, and closed the day with a 0.23 percent gain at 8,665.68 points, marking its highest daily and weekly close of all time. The index also reached an all-time high of 8,762.89 points.

Analysts stated that global equity markets are seeing a mixed trend as expectations regarding the date when the US Federal Reserve (Fed) will begin interest rate cuts are being pushed back, despite a significant reduction in recession concerns for the US economy.

News Source: AA