Stock market opens with gains (May 31, 2024)

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

At the opening, the BIST 100 index rose by 37.80 points, or 0.36 percent, compared to the previous close, reaching 10,519.11 points.

The banking index recorded a 0.20 percent increase, while the holding index rose by 0.19 percent. Among sector indices, communication was the top gainer with 1.45 percent, while tourism was the top loser with 0.94 percent.

Yesterday, the BIST 100 index at Borsa Istanbul followed a volatile course and closed the day with a 0.02 percent increase at 10,481.30 points.

Analysts stated that global equity markets followed a negative trend despite the downward revision of US growth data, noting that eyes are now turned to the core personal consumption expenditures price index, which the US Federal Reserve (Fed) considers as an inflation indicator.

Domestically, first-quarter growth data is in the focus of investors, with economists participating in the AA Finance expectation survey estimating that the Gross Domestic Product (GDP) grew by 5.90 percent annually in the first quarter of this year.

Analysts noted that the Services Producer Price Index (PPI) will be monitored domestically today, while inflation data from the Eurozone will be followed abroad, adding that technically, 10,600 and 10,700 points are resistance levels for the BIST 100 index, while 10,500 and 10,400 levels are in the support position.

News Source: 12punto