Stock market opens with gains (May 9, 2024)

The stock market opened with gains.

At the opening, the BIST 100 index rose by 26.63 points, or 0.26 percent, compared to the previous close, reaching 10,274.38 points.

The banking index recorded a 0.73 percent increase, while the holding index rose by 0.18 percent. Among sector indices, the forestry, paper, and printing sector was the top gainer with 2.06 percent, while the sports sector was the biggest loser with 1.97 percent.

In Borsa Istanbul, which followed a volatile course yesterday, the BIST 100 index saw a record level of 10,383.25 points during the day, but closed at 10,247.75 points, down 0.86 percent from the previous close.

In global markets, investors continue to await clearer signals regarding the future steps to be taken by the US Federal Reserve (Fed).

Today, domestic attention is focused on the signals to be received from the Inflation Report presentation by Central Bank of the Republic of Turkey (TCMB) Governor Fatih Karahan; both the presentation and Karahan's guidance during the Q&A session are expected to influence domestic asset prices.

Analysts noted that weekly money and bank statistics will be monitored domestically today, while the Bank of England's interest rate decision and weekly jobless claims in the US will be followed abroad. They also stated that, from a technical perspective, the 10,300 and 10,400 levels are resistance points for the BIST 100 index, while 10,200 and 10,000 points serve as support.

News Source: AA