How did the stock market perform in the first half of the day? (March 11, 2024)

The stock market rose in the first half of the day.

Moving with an upward trend in the first half of the day, the BIST 100 index rose by 114.57 points to 9,269.89 points as of 13:00, compared to the previous close. The total trading volume was 52.5 billion lira.

The banking index gained 3.67 percent and the holding index gained 1.91 percent.

Among the sector indices, banking was the top gainer, while communication was the top loser with a 3.07 percent decline.

Analysts stated that global equity markets began the week with a negative trend ahead of the release of US inflation data, adding that domestic industrial production and current account balance data are now in the focus of investors this week.

On the other hand, international credit rating agency Fitch Ratings upgraded Turkey's credit rating from "B" to "B+" after the markets closed on Friday, and also revised the outlook from "stable" to "positive."

In its statement, Fitch Ratings reported that the rating upgrade was driven by increased confidence in the durability and effectiveness of the policies implemented since the shift in June 2023, including the front-loading of monetary policy tightening to reduce macroeconomic and external vulnerabilities more than expected.

Analysts noted that from a technical perspective, 9,400 and 9,500 points are resistance levels for the BIST 100 index, while the 9,200 level serves as support.