VIOP opens the day with gains

In the Borsa Istanbul Futures and Options Market (VIOP), the December-term contract based on the BIST 30 index opened the day with a 0.1 percent increase at 9,427.75 points.

The February-term index contract traded at 9,427.75 in the opening session, 0.1 percent above the previous normal session close.

Yesterday, the index contract followed a bullish trend, completing the normal session at 9,416.75 points, 1.3 percent above its previous close. The index contract continued its rise in the evening session, reaching 9,434.25 points.

Analysts stated that while the S&P 500 and Dow Jones indices on the New York Stock Exchange continued to hit records ahead of the US Federal Reserve's (Fed) monetary policy decisions tomorrow, growing concerns regarding the real estate sector in Asia caused selling pressure to deepen.

On the other hand, the Central Bank of the Republic of Türkiye (CBRT) has taken a new step to support the transition to Turkish Lira (TL) deposits.

Accordingly, it was decided to reduce the reserve requirement ratios for accounts with currency protection from 30 percent to 25 percent for maturities up to 6 months, and to increase the additional reserve requirement ratio in TL for foreign currency deposits/participation funds (excluding deposits/participation funds of foreign banks and precious metal deposit accounts) from 4 percent to 8 percent for all maturities.

It was stated that with these regulations, steps toward the transition to TL deposits are being strengthened, while the quantitative tightening process continues.

Analysts noted that a busy data agenda will be followed today, primarily the economic confidence index domestically, and growth data in the Eurozone and Germany, as well as the JOLTS job openings in the US, adding that technically, the 9,500 and 9,600 levels are resistance, while 9,400 and 9,300 points are support for the index contract.

News Source: AA