Midday in the markets: How did the stock market perform in the first half of the day? (January 26, 2024)

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

Moving with an upward trend in the first half of the day, the BIST 100 index rose by 92.31 points to 8,262.20 points as of 13:00, compared to the previous close. The total trading volume was 45.9 billion lira.

The banking index gained 0.03 percent and the holding index gained 1.26 percent.

While global equity markets followed a mixed course following signals from announced macroeconomic data and corporate financial results, domestic markets diverged positively.

Analysts, stating that positive signals from economic activity despite the slowdown in inflation in the US have increased the possibilities of a "soft landing" in the economy, expressed that expectations that the US Federal Reserve could start interest rate cuts in March have regained strength in money market pricing.

On the other hand, the Central Bank of the Republic of Turkey (TCMB) raised its policy rate by 250 basis points to 45 percent yesterday. In the announcement made by the TCMB, it was stated, "The Committee has assessed that the level of monetary tightness required to establish disinflation has been reached and that this level will be maintained as long as necessary."

Analysts noted that personal income and expenditure data in the US will be monitored for the remainder of the day, and stated that from a technical perspective, the 8,300 and 8,350 levels are resistance, while 8,200 and 8,100 points are support for the BIST 100 index.

News Source: AA