Stock market declined in the first half of the day

The BIST 100 index, which moved with a downward trend in the first half of the day, fell by 80.46 points compared to the previous close, reaching 10,256.04 points as of 13:00. The total trading volume was 41.8 billion lira.

The banking index lost 1.84 percent, while the holding index lost 0.24 percent.

Among sector indices, the insurance sector was the top gainer with 3.39 percent, while the banking sector saw the largest decline.

In global markets, investors are searching for direction as they begin to wait for clearer signals regarding the steps the US Federal Reserve (Fed) will take in the coming period.

On the other hand, while the steps taken by the economic administration continue to increase interest in Turkish Lira assets, Turkey's 5-year credit default swap (CDS) premium fell below 282 basis points yesterday for the first time since February 2021. Turkey's CDS is currently at the 279.33 level.

Analysts stated that news flow regarding Turkey taking steps to open foreign swap channels was effective in this movement.

Analysts, noting that the Treasury cash balance will be monitored domestically in the afternoon, and wholesale inventories and mortgage applications will be followed in the US, stated that technically, the 10,470 and 10,650 levels are resistance, while 10,230 and 10,150 points are support positions for the BIST 100 index.

News Source: AA