VIOP starts the day with a flat trend

The Borsa Istanbul Derivatives Market (VIOP) December-term contract based on the BIST 30 index started the day with a flat trend at 9,437.75 points.

The February-term index contract traded at 9,437.75 points in the opening session, just above the previous normal session close.

Yesterday, the index contract followed a bullish trend and completed the normal session at 9,437.25 points, 0.5 percent above its previous close. The index contract stood at 9,439.00 points in the evening session.

Analysts stated that risk appetite in global equity markets has declined after US Federal Reserve (Fed) Chair Jerome Powell, speaking after the Fed kept its policy rate unchanged, signaled that it was too early to start interest rate cuts in March, adding that eyes are now turned to the Bank of England's (BoE) interest rate decision today.

Yesterday, the Fed kept its policy rate unchanged at the 5.25-5.50 percent range, the highest level in 23 years, in line with expectations, while Powell also expressed in a press conference held after the announcement of monetary policy decisions that he did not think it was likely to reach the level of confidence required for an interest rate cut by March.

Analysts, noting that a busy data agenda will be followed today, including the Central Bank of the Republic of Türkiye's (TCMB) Monetary Policy Committee (PPK) text and weekly money and bank statistics, the manufacturing industry Purchasing Managers' Index (PMI) worldwide, and the Bank of England's (BoE) interest rate decision, noted 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