Stock market starts the last trading day of the week with gains (May 10, 2024)

The stock market started the day with gains.

At the opening, the BIST 100 index rose by 8.18 points, or 0.08 percent, compared to the previous close, reaching 10,276.76 points.

While the banking index gained 0.32 percent, the holding index lost 0.06 percent. Among sector indices, the metal main industry index was the top gainer with 0.98 percent, while the mining index was the top loser with 2.65 percent.

The BIST 100 index at Borsa Istanbul completed the previous day with a 0.20 percent increase at 10,268.58 points.

Global equity markets are showing a positive trend due to expectations that the US Federal Reserve (Fed) may cut interest rates in September.

Domestically, Central Bank of the Republic of Turkey (TCMB) Governor Fatih Karahan shared the second Inflation Report of the year yesterday.

Karahan announced that they have updated the year-end inflation forecast for 2024 upward by 2 points to 38 percent, and that they have maintained the 2025 and 2026 forecasts at 14 percent and 9 percent, respectively.

Noting that they will do whatever is necessary within the scope of the fight against inflation, Karahan stated, "Our monetary policy stance and macroprudential framework will ensure that deposit interest rates remain at levels that support the transition to the Turkish lira and increase savings."

Stating that the improvement in net reserves excluding swaps continues, Karahan said, "We have seen an additional improvement of 18 billion dollars in the last 2 weeks. Thus, net reserves excluding swaps have increased by a total of 34 billion dollars in the relevant period."

Following these developments, Turkey's 5-year credit default swap (CDS) premium also declined, falling to 276 basis points yesterday, the lowest level since February 2020.

Analysts stated that industrial production and unemployment rates will be monitored domestically today, while the University of Michigan Consumer Sentiment Index will be followed abroad, noting that technically, the 10,300 and 10,400 levels are resistance points for the BIST 100 index, while 10,200 and 10,000 points are support levels.

News Source: AA