Stock market opens the day with gains

At the opening, the BIST 100 index rose by 18.93 points, or 0.26 percent, compared to the previous close, reaching 7,415.27 points.

The banking index recorded a 0.09 percent increase, while the holding index rose by 0.25 percent. Among sector indices, the information technology sector was the top gainer with 1.77 percent, while the sports sector saw the largest decline with 0.39 percent.

Yesterday, the BIST 100 index at Borsa Istanbul followed a buying-weighted trend and closed the day at 7,396.34 points, gaining 1.87 percent.

Analysts stated that global markets began the final trading day of the year with a mixed trend, noting that expectations that the US Federal Reserve (Fed) could begin interest rate cuts in March of next year remain strong.

On the other hand, the Capital Markets Board (SPK) bulletin released domestically last night included an announcement regarding inflation accounting. Accordingly, the Board decided to implement inflation accounting by applying the provisions of Turkish Accounting Standard 29, starting with the annual financial reports of issuers and capital market institutions subject to the Board's financial reporting regulations for accounting periods ending as of December 31.

Analysts stated that the Central Bank of the Republic of Turkey's (TCMB) Monetary and Exchange Rate Policy Text and foreign trade balance data will be monitored domestically today, noting that from a technical perspective, 7,300 and 7,200 points are support levels for the BIST 100 index, while 7,450 and 7,500 levels act as resistance.

News Source: 12punto