Stock market starts the final day with gains

At the opening, the BIST 100 index rose by 10.92 points, or 0.11 percent, to 9,986.53 points.

The banking index gained 0.05 percent, and the holding index gained 0.05 percent. Among sector indices, the communication sector was the top gainer with 0.47 percent, while the stone and soil sector saw the largest decline at 0.30 percent. Following a buying-heavy trend yesterday, the BIST 100 index at Borsa Istanbul closed the day with a 2.06 percent gain at 9,975.61 points.

Global markets are trending positively as expectations for a "soft landing" have strengthened following the US Federal Reserve's (Fed) 50 basis point interest rate cut after a 4-year hiatus. While assessments continue worldwide regarding the direction of the US economy following the Fed's decision on Wednesday, the possibility of avoiding a recession is fueling risk appetite.

On the other hand, the Central Bank of the Republic of Turkey (CBRT) Monetary Policy Committee (MPC) kept the policy rate, the one-week repo auction rate, unchanged at 50 percent yesterday. The MPC announcement stated, "While core goods inflation continues to remain low with a limited increase, improvement in services inflation is expected to occur in the final quarter. In the event of a significant and permanent deterioration in inflation, monetary policy tools will be used effectively."

Following these developments, Turkey's 5-year credit default swap (CDS) is currently at 254.2 basis points, the lowest level seen since February 2020. Analysts noted that today's domestic consumer confidence index and the Foreign Producer Price Index (YD-ÜFE), as well as the Eurozone consumer confidence index, will be monitored, and stated that from a technical perspective, the 10,000 and 10,150 levels are resistance, while 9,900 and 9,700 points are support levels for the BIST 100 index.

News Source: AA