Stock market opens with a decline

At the opening, the BIST 100 index fell by 6.52 points, or 0.08 percent, compared to the previous close, dropping to 7,783.90 points.

The banking index rose by 0.02 percent, while the holding index recorded a 0.05 percent decrease. Among sector indices, the textile and leather sector gained the most with 0.83 percent, while the forestry, paper, and printing sector saw the largest decline with 0.87 percent.

Yesterday, the BIST 100 index at Borsa Istanbul followed a sell-heavy trend, closing the day with a 2.54 percent loss at 7,790.42 points.

Analysts stated that in global equity markets, increasing uncertainty regarding which month next year the US Federal Reserve (Fed) will begin interest rate cuts is dampening risk appetite.

Noting that pricing in money markets suggests a 70 percent probability that the Fed will start interest rate cuts in March, analysts also expressed that cautious statements from Fed officials support the possibility that these steps could be further delayed.

Analysts noted that the domestic data agenda is quiet today, while in international markets, inflation data from the Eurozone and building permits and housing starts data from the US will be monitored, adding that technically, 7,700 and 7,600 points are support levels for the BIST 100 index, while 7,800 and 7,900 levels act as resistance.

News Source: 12punto