Stock market gains value in the first half of the day

The BIST 100 index at Borsa Istanbul gained 0.95 percent in the first half of the day, rising to 7,809.67 points.

Moving with an upward trend in the first half of the day, the BIST 100 index rose by 73.41 points to 7,809.67 points as of 13:00, compared to the previous close. The total trading volume was 38.5 billion lira.

The banking index gained 0.39 percent, and the holding index gained 1.07 percent.

Analysts stated that global equity markets are following a mixed course ahead of the inflation data to be announced in the US tomorrow.

While the labor market in the US remains tight, the trend in inflation is expected to provide clues as to when the US Federal Reserve (Fed) will begin interest rate cuts.

Although expectations that the Fed would begin interest rate cuts in March had strengthened significantly in December pricing in money markets, the probability of a rate cut declined slightly to 67 percent ahead of the inflation data to be released tomorrow.

Analysts noted that wholesale inventory data from the US will be monitored in the afternoon, and stated that from a technical perspective, 7,820 and 7,950 points are resistance levels for the BIST 100 index, while 7,720 and 7,630 levels are support levels.

News Source: AA