Stock market starts the week with gains (May 13, 2024)

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

At the opening, the BIST 100 index rose by 32.65 points, or 0.32 percent, compared to the previous close, reaching 10,251.22 points.

The banking index recorded a 0.42 percent increase, while the holding index rose by 0.33 percent. Among sector indices, insurance was the top gainer with 0.95 percent, while sports was the top loser with 1.68 percent.

On Friday, the BIST 100 index at Borsa Istanbul closed the day at 10,218.58 points, down 0.49 percent.

In global markets, investors appear to be maintaining a cautious stance due to uncertainties regarding the future policies of the US Federal Reserve (Fed), while inflation data to be released in the US on Wednesday is expected to increase market volatility.

On Friday, as uncertainties regarding the Turkish economy decreased and following the statements made by Central Bank of the Republic of Turkey (TCMB) Governor Fatih Karahan during the presentation of the year's 2nd Inflation Report, the improvement in Turkey's 5-year credit default swap (CDS) continued, with Turkey's CDS falling to 273.75 basis points for the first time since February 2020.

EYES TURN TO THE SAVINGS PACKAGE

Today, all eyes are on the savings and efficiency package to be announced by Minister of Treasury and Finance Mehmet Şimşek and Vice President Cevdet Yılmaz.

On the other hand, the balance of payments statistics for March, which will be released today, are also in the focus of investors, with economists participating in the AA Finance expectation survey estimating that the current account deficit was 3 billion 837 million dollars in March.

Analysts noted that retail sales data domestically and balance of payments data in Germany will also be monitored today, adding that from a technical perspective, the 10,300 and 10,400 levels are resistance points for the BIST 100 index, while 10,200 and 10,000 points are support levels.

News Source: AA