Midday in the markets: How did the stock market perform in the first half of the day? (January 19, 2024)

The stock market declined in the first half of the day.

Moving in a downward trend during the first half of the day, the BIST 100 index fell by 62.27 points compared to the previous close, reaching 7,953.82 points as of 13:00. The total trading volume was 31.9 billion liras.

The banking index lost 1.14 percent, and the holding index lost 1.24 percent.

Analysts stated that while global equity markets followed a positive trend led by technology stocks despite continued uncertainty regarding the future monetary policy steps of the US Federal Reserve (Fed), domestic markets diverged negatively.

On the other hand, according to the Central Bank of the Republic of Turkey (TCMB) Market Participants Survey released today, the year-end expectation for the increase in the Consumer Price Index (CPI) was 42.04 percent.

Furthermore, economists participating in the AA Finance expectation survey regarding the TCMB's Monetary Policy Committee (PPK) meeting predict that the bank will increase the one-week repo auction interest rate (policy rate) by 250 basis points to 45 percent.

Analysts, who noted that the domestic data agenda is quiet for the remainder of the day, while abroad, European Central Bank President Christine Lagarde's statements as well as the University of Michigan consumer confidence index and existing home sales data in the US will be monitored, stated that from a technical perspective, 8,100 and 8,150 points are in the resistance position for the BIST 100 index, while noting that the 7,900 and 7,800 levels stand out as support.

News Source: AA