Stock market starts the week with a record (May 20, 2024)

The stock market started the first trading day of the week with a record.

At the opening, the BIST 100 index rose by 17.22 points, or 0.16 percent, compared to the previous close, reaching 10,660.80 points.

The banking index gained 0.02 percent and the holding index gained 0.16 percent. Among sector indices, the sports sector was the top gainer with 1.49 percent, while the securities investment trust sector was the top loser with 0.44 percent.

On Friday, the BIST 100 index at Borsa Istanbul closed at a record high of 10,643.58 points, up 3.14 percent.

Global markets started the week with a positive trend as optimism grew that the US Federal Reserve (Fed) would cut interest rates this year, while domestically, eyes are turned to the interest rate decision of the Central Bank of the Republic of Turkey (TCMB) this week.

All economists participating in the AA Finance expectation survey expect the TCMB to keep the policy rate steady at 50 percent. The median of economists' year-end policy rate expectations was calculated at 45 percent.

Analysts noted that the data agenda abroad is quiet today, while the international investment position and foreign Producer Price Index (PPI) data will be monitored domestically, adding that technically, the 10,750 and 10,900 levels are resistance points for the BIST 100 index, while 10,500 and 10,400 points are support levels.

News Source: AA