Stock market opens with gains (June 7, 2024)

The stock market began the final trading day of the week with gains

At the opening, the BIST 100 index rose by 42.76 points and 0.42 percent compared to the previous close, reaching 10,322.45 points.

The banking index recorded a 0.38 percent increase, while the holding index rose by 0.36 percent. Among sector indices, the information technology sector was the top gainer with 1.99 percent, while the insurance sector was the top loser with 0.17 percent.

Yesterday, the BIST 100 index at Borsa Istanbul followed a downward trend, closing the day with a 0.69 percent decrease at 10,279.69 points.

Analysts stated that global equity markets are following a mixed trend due to uncertainties regarding the roadmap of the US Federal Reserve (Fed), despite strengthening pricing that the bank will begin interest rate cuts this year, adding that the employment report data to be released in the country today has become the focus of investors.

On the other hand, according to data released yesterday by the Central Bank of the Republic of Turkey (TCMB), non-residents purchased 94.1 million dollars worth of Government Domestic Debt Securities (GDDS) in the week of May 31, bringing the foreign stock of GDDS to 9 billion 935.7 million dollars, the highest level since March 2020. Thus, for the first time since 2012, non-residents have been on the buying side in GDDS for 10 consecutive weeks.

According to weekly data from the Banking Regulation and Supervision Agency (BDDK), the Currency Protected Turkish Lira Deposit and Participation Accounts (KKM) decreased by approximately 37 billion liras last week, recording its strongest decline since the week of February 2.

Analysts, noting that a busy data agenda will be followed today, primarily the treasury cash balance domestically and the employment report in the US and growth data in the Eurozone abroad, stated that technically, the 10,400 and 10,500 levels are resistance points for the BIST 100 index, while 10,300 and 10,200 points are in the support position.

News Source: AA