Stock market opens with gains

At the opening, the BIST 100 index rose by 6.16 points, or 0.08 percent, compared to the previous close, reaching 7,874.18 points.

While the banking index recorded a 0.19 percent decrease, the holding index remained flat. Among sector indices, the communication sector was the top gainer with 1.31 percent, while the banking sector saw the most decline.

Yesterday, following a bullish trend, the BIST 100 index at Borsa Istanbul completed the day with a 2.10 percent gain at 7,868.02 points.

Analysts stated that global equity markets followed a mixed trend after US Federal Reserve (Fed) officials emphasized in their forward guidance yesterday that the fight against inflation is not yet over.

While pricing in money markets suggests that the bank will most likely keep the policy rate unchanged in the next three meetings, analysts noted that the statements from Fed officials have led investors to be cautious.

Analysts noted that today's agenda includes the Treasury cash balance domestically, and industrial production in Germany, the house price index in the UK, the Producer Price Index (PPI) in the Eurozone, and the foreign trade balance in the US, as well as news flow regarding the Israel-Palestine conflict. They also noted that from a technical perspective, the 7,950 and 8,020 levels are resistance for the BIST 100 index, while 7,800 and 7,750 points are support levels.

News Source: 12punto