Stock market starts the week with gains (May 27, 2024)

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

At the opening, the BIST 100 index rose by 24.58 points, or 0.23 percent, compared to the previous close, reaching 10,701.24 points.

The banking index gained 0.29 percent, and the holding index gained 0.16 percent. Among sector indices, sports was the top gainer with 1.46 percent, while communication was the only decliner, falling by 0.11 percent.

On Friday, the BIST 100 index at Borsa Istanbul closed the day at 10,676.65 points, down 1.07 percent.

Analysts noted that global markets began the week with a positive trend, influenced by the easing of inflation expectations measured by the University of Michigan in the U.S. on the last trading day of last week, adding that a busy data agenda, particularly growth data from the U.S., has become the focus for investors this week.

Meanwhile, Treasury and Finance Minister Mehmet Şimşek stated yesterday that they have reached the final stage of a new regulation that will be an important instrument for financing urban transformation and increasing housing supply, saying, "With the regulation to be made by the Capital Markets Board (SPK), the way will be paved for real estate investment funds to invest in real estate projects."

Analysts, who stated that the real sector confidence index and capacity utilization rate will be monitored domestically today, and the Ifo business climate index in Germany will be followed abroad, noted that from a technical perspective, 10,800 and 11,000 points are resistance levels for the BIST 100 index, while 10,600 and 10,500 levels are support positions.

News Source: AA