Stock market starts the week with gains (September 23, 2024)

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

At the opening, the BIST 100 index rose by 58.95 points, or 0.60 percent, compared to the previous close, reaching 9,959.21 points.

The banking index gained 0.98 percent, while the holding index rose by 0.37 percent. Among sector indices, banking was the top gainer, while mining saw the largest decline at 1.98 percent.

On Friday, the BIST 100 index at Borsa Istanbul followed a sell-heavy trend, closing the day with a 0.76 percent loss at 9,900.25 points.

In global markets, expectations that the U.S. economy could achieve a "soft landing" following the 50-basis-point interest rate cut by the U.S. Federal Reserve (Fed) last week continue to fuel risk appetite.

Analysts, noting that current money market pricing reflects an expectation of an additional 75 basis points of rate cuts by the Fed by the end of the year, stated that volatility in these prices could increase following incoming data.

Analysts noted that the financial services confidence index will be monitored domestically today, while manufacturing and services sector Purchasing Managers' Index (PMI) data will be followed globally, adding that technically, the 10,000 and 10,150 levels for the BIST are resistance, while 9,900 and 9,700 points are support levels.

News Source: AA