Stock market opens higher (May 7, 2024)

The stock market opened the day with gains.

At the opening, the BIST 100 index rose by 15.66 points, or 0.15 percent, compared to the previous close, reaching 10,282.75 points.

The banking index recorded a 0.18 percent increase, while the holding index rose by 0.31 percent. Among sector indices, the textile sector was the top gainer with 0.46 percent, while the sports sector was the top loser with 2.91 percent.

Yesterday, the BIST 100 index at Borsa Istanbul closed the day with a 0.1 percent decline at 10,267.09 points, after reaching a daily high of 10,325.68 points.

In global markets, the continued strength of pricing expectations that the US Federal Reserve (Fed) will begin interest rate cuts this year continues to fuel risk appetite.

Analysts noted that expectations for a "soft landing" for the US economy have regained strength, which is positively impacting equity markets.

Stating that retail sales in the Eurozone and guidance from Fed officials will be monitored today, analysts noted that from a technical perspective, the 10,300 and 10,400 levels are resistance points for the BIST 100 index, while 10,200 and 10,100 points serve as support levels.

News Source: AA