Stock market opens with gains (May 30, 2024)

The stock market opened with gains.

At the opening, the BIST 100 index rose by 27.63 points and 0.26 percent compared to the previous close, reaching 10,506.79 points.

The banking index recorded a 0.63 percent increase, and the holding index rose by 0.33 percent. Among sector indices, sports was the top gainer with 0.74 percent, while textile and leather was the top loser with 0.83 percent.

Yesterday, the BIST 100 index at Borsa Istanbul followed a downward trend, closing the day with a 1.86 percent decrease at 10,479.16 points.

Analysts stated that global equity markets are following a negative trend due to continued uncertainty regarding the timing of interest rate cuts by the US Federal Reserve (Fed) and the fact that the country's 10-year bond yields have reached a one-month high, adding that a busy data agenda, primarily growth figures in the US, has become the focus of investors today.

Stating that the Gross Domestic Product (GDP) to be announced in the US today could provide signals regarding the steps the Fed will take in the coming period, analysts noted that core personal consumption expenditures data in the country could also be influential on market direction.

On the other hand, the summary of the Monetary Policy Committee (MPC) meeting of the Central Bank of the Republic of Turkey (TCMB) to be published domestically today is on the radar of investors.

Analysts noted that a busy data agenda will be followed both domestically and abroad today, and from a technical perspective, 10,600 and 10,700 points are resistance levels for the BIST 100 index, while 10,400 and 10,300 levels are support positions.

News Source: AA