Stock market starts the week with gains (September 2, 2024)

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

At the opening, the BIST 100 index rose by 46.60 points, or 0.47 percent, compared to the previous close, reaching 9,879.82 points.

The banking index gained 0.57 percent, and the holding index rose by 0.21 percent. Among sector indices, tourism was the top gainer with 1.18 percent, while the only decliner was the securities investment trust index, which fell by 0.05 percent.

On Thursday, the BIST 100 index at Borsa Istanbul, which followed an upward trend, completed the day with a 0.78 percent gain at 9,833.22 points.

Analysts stated that global equity markets have started the week cautiously as investors monitor a busy macroeconomic data calendar, primarily the employment report in the US.

While markets are pricing in that the US Federal Reserve (Fed) will gradually ease its tight monetary policy starting this month, the scale of the steps to be taken by the end of the year remains uncertain.

Meanwhile, domestic attention today is focused on second-quarter growth data.

Economists participating in the AA Finance expectation survey estimate that the Gross Domestic Product (GDP) grew by 3 percent annually in the second quarter of this year.

The average growth expectation of economists for the full year of 2024 is 3.24 percent.

Analysts, noting that in addition to domestic growth data, the manufacturing Purchasing Managers' Index (PMI) will be monitored domestically, and manufacturing PMI data will be followed globally, recorded that from a technical perspective, the 9,900 and 10,000 levels are resistance points for the BIST 100 index, while 9,750 and 9,600 points are support levels.

News Source: AA