Stock market opens higher (September 5, 2024)

At the opening, the BIST 100 index rose by 45.58 points and 0.46 percent compared to the previous close, reaching 10,030.51 points.

The banking index gained 0.80 percent and the holding index gained 0.34 percent. While all sector indices posted gains, the banking sector saw the highest increase.

The BIST 100 index at Borsa Istanbul, which followed a downward trend yesterday, closed the day with a 0.37 percent loss at 9,984.93 points.

In global markets, a selling trend has dominated as macroeconomic data released in the US fueled recession fears, while today's busy data agenda, primarily the ADP private sector employment figures, has become the focus of investors.

While concerns that the US economy may cool faster than expected are dampening risk appetite, it is widely expected that the US Federal Reserve (Fed) will begin to ease its tight monetary policy stance starting this month.

Analysts stated that weekly money and bank statistics will be monitored domestically, while retail sales in the Eurozone, and ADP private sector employment, weekly jobless claims, and service sector PMI data in the US will be followed abroad. They noted that, from a technical perspective, the 10,200 and 10,300 levels are resistance points for the BIST 100 index, while the 9,900 and 9,750 point levels serve as support.

News Source: AA