VIOP December-term BIST 30 index futures contract opens the day with a 0.1 percent increase

The December-term index contract traded at 8,518.75 in the opening session, 0.1 percent above the previous normal session close.

Following a bullish trend yesterday, the index contract completed the normal session at 8,512.75 points, 0.8 percent above its previous close. The index contract also stood at 8,516.75 points in the evening session.

Analysts stated that uncertainties regarding the timing and magnitude of interest rate cuts expected to begin next year by the US Federal Reserve (Fed) persist in global markets, adding that eyes are turned today to the personal consumption expenditures data to be released in the US, which is closely monitored by the Fed as an inflation indicator.

Meanwhile, the Central Bank of the Republic of Turkey (CBRT) Monetary Policy Committee (MPC) raised the one-week repo auction rate, which is the policy rate, by 250 basis points to 42.50 percent yesterday.

In the MPC statement, the phrase, "The Committee will continue quantitative tightening by increasing the variety of sterilization tools used to support the monetary tightening process," drew attention.

On the other hand, according to data released yesterday, the total reserves of the CBRT reached an all-time high of 142 billion 528 million dollars in the week of December 15, an increase of 1 billion 154 million dollars compared to the previous week, while the total net buying of stocks by non-residents since the beginning of the year reached approximately 1 billion 175 million dollars.

Analysts noted that the domestic data agenda is quiet today, while a busy data agenda will be followed abroad, primarily growth in the UK and personal consumption expenditures in the US, and stated that from a technical perspective, 8,600 and 8,700 points are resistance levels for the index contract, while 8,500 and 8,400 levels are in the support position.

News Source: 12punto