Stock market starts the week with a record (February 12, 2024)

At the opening, the BIST 100 index gained 88.25 points and 0.98 percent compared to the previous close, reaching 9,134.22 points.

The banking index recorded an increase of 0.96 percent, and the holding index rose by 1.03 percent. Among sector indices, mining was the top gainer with 3.50 percent, while sports was the biggest loser with 0.41 percent.

On Friday, the BIST 100 index at Borsa Istanbul, which followed a bullish trend, completed the day with a 1.07 percent gain at 9,045.97 points, achieving its highest daily and weekly close of all time.

Analysts stated that global equity markets started the week cautiously, with a busy macroeconomic data calendar ahead, primarily inflation data in the US.

On the other hand, the strong demand for the debt auctions held last week by the Ministry of Treasury and Finance, the Turkey Wealth Fund, and Eximbank, which resulted in yields significantly below forecasts, played an important role in the downward trend of Turkey's 5-year credit default swap (CDS) premium. The CDS started the week at 311 basis points.

Stating that the unemployment rate in Turkey and the US Treasury budget balance data abroad will be monitored today, analysts noted that from a technical perspective, the 9,200 and 9,300 levels are resistance, while 9,100 and 9,000 points are support positions for the BIST 100 index.

News Source: AA