How did the stock market close? (May 16, 2024)

The BIST 100 index increased by 161.34 points compared to the previous close, with a total trading volume of 106 billion lira. The banking index gained 2.70 percent, and the holding index gained 0.56 percent.

Among sector indices, insurance was the top gainer with 4.40 percent, while sports was the top loser with 1.44 percent. Meanwhile, Turkey's 5-year credit default swap (CDS) premium fell to 266.46 basis points, the lowest level since February 2020.

According to data from the Central Bank of the Republic of Turkey (TCMB), the 2 billion 832.6 million dollars in Government Domestic Debt Securities (DİBS) purchased by non-residents in the week of May 10 was recorded as the strongest purchase since 2013, while the foreign DİBS stock reached a 3-year high at 6 billion 796 million dollars.

Total TCMB reserves increased by 7 billion 547 million dollars in the week of May 10 compared to the previous week, reaching 134 billion 402 million dollars, marking the strongest reserve increase in approximately the last 3 years.

Meanwhile, the number of people filing for unemployment benefits for the first time in the US fell to 222 thousand in the week ending May 11, yet remained above expectations.

The number of new housing starts in the country rose by 5.7 percent in April to 1 million 360 thousand, but remained below market expectations.

In the US, the import price index increased by 0.9 percent on a monthly basis in April, and the export price index increased by 0.5 percent, both exceeding expectations.

Industrial production in the country showed no change in April compared to the previous month.

On the other hand, the guidance provided by US Federal Reserve (Fed) officials continues to be in the focus of the markets, while New York Fed President John Williams stated that he welcomed the inflation data signaling a slowdown, but that this positive news was not enough for the Fed to start lowering interest rates in the near term.

Analysts stated that uncertainties regarding the bank's future policies continue due to the macroeconomic data released in the US and the statements of Fed officials.

Analysts, who noted that the TCMB market participants survey and housing sales will be monitored domestically tomorrow, and industrial production and retail sales in China, inflation in the Eurozone, and leading indicators index in the US will be monitored abroad, stated that technically, the 10,400 and 10,500 levels are resistance, and 10,100 and 10,000 points are support positions for the BIST 100 index.