Stock market rises in the first half of the day

Moving with an upward trend in the first half of the day, the BIST 100 index rose by 152.52 points compared to the previous close, reaching 7,965.92 points as of 13:00. The total trading volume was 41.6 billion liras.

The banking index gained 3.09 percent, while the holding index gained 1.12 percent.

Among sector indices, the biggest gainers were basic metals with 3.76 percent and tourism with 0.29 percent.

Analysts stated that global equity markets followed a positive course on the last trading day of the week, during which major central banks announced their monetary policy decisions and a busy data agenda was monitored, while domestically, the Turkey assessment report expected from international credit rating agency Moody's after the markets close this evening has become the focus of investors.

Turkey's 5-year credit default swap (CDS), which has been on a downward trend since the end of May due to steps taken by the new economic administration, fell below 300 basis points for the first time since March 2021 yesterday, dropping to 290 basis points.

Attending the Turkish Exporters Assembly (TİM) Sectors Council meeting, Central Bank of the Republic of Turkey (TCMB) Governor Dr. Hafize Gaye Erkan stated that it is time to transition to the Turkish lira, saying, "We are seeing the most direct reflections of this in deposit developments."

On the other hand, according to data released by the TCMB yesterday, non-residents made their highest inflows into stocks since the week of November 13, 2020, and into Government Domestic Debt Securities (DİBS) since the week of August 25, 2017, last week.

Analysts reported that today, the TCMB Survey of Market Participants and short-term debt stock data will be monitored domestically, while a busy data agenda, primarily the Purchasing Managers' Index (PMI) worldwide and industrial production in the US, will be followed abroad.

Stating that the 8,000-point level stands out as resistance for the BIST 100 index from a technical perspective, analysts noted that the 7,800 and 7,700 levels are in a support position.

News Source: 12punto