Stock market opens with gains

At the opening, the BIST 100 index rose by 93.38 points, or 1.24 percent, compared to the previous close, reaching 7,622.69 points.

The banking index recorded a 1.95 percent increase, while the holding index rose by 1.05 percent. Among sector indices, banking was the top gainer, while securities investment trusts saw the largest decline, falling by 0.42 percent.

Yesterday, the BIST 100 index at Borsa Istanbul followed a sell-heavy trend, closing the day with a 2.83 percent loss at 7,529.31 points.

Analysts stated that global equity markets have followed a positive trend after the Fed signaled that it could begin interest rate cuts next year, adding that the interest rate decisions of the European and British central banks are now the focus of investors today.

Following the decision, Fed Chair Jerome Powell stated that they believe the policy rate is likely at or near its peak in the tightening cycle, noting that while bank officials do not find further interest rate hikes appropriate, they do not want to take that possibility off the table either.

Meanwhile, Turkey's 5-year credit default swap (CDS) continues to trend downward, recording its lowest daily close since March 19, 2021, at 316.8 basis points yesterday.

Analysts reminded that the international credit rating agency Moody's is expected to release its assessment of Turkey after markets close on Friday, December 15, noting that the possibility of Moody's improving Turkey's credit rating and outlook is positively reflected in market pricing.

Furthermore, as new reports from foreign financial institutions regarding Turkish lira assets are released daily, Deutsche Bank's "CEEMEA Strategy Notes" report yesterday highlighted the carry trade opportunity in the TL.

Analysts, who noted that weekly money and banking statistics will be monitored domestically today, while interest rate decisions from the British and European central banks, as well as retail sales and weekly jobless claims data from the US, will be followed abroad, stated that from a technical perspective, the 7,700 and 7,800 levels are resistance, while 7,600 and 7,500 points are support levels for the BIST 100 index.

News Source: 12punto