How did the stock market start the final trading day of the week? (March 8, 2024)

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

At the opening, the BIST 100 index rose by 30 points, or 0.33 percent, compared to the previous close, reaching 9,084.18 points.

The banking index recorded a 0.18 percent increase, while the holding index rose by 0.29 percent. Among sector indices, the information technology sector was the top gainer with 1.62 percent, while the real estate investment trust sector was the biggest loser with 0.46 percent.

Yesterday, the BIST 100 index at Borsa Istanbul followed a buying-weighted trend, closing the day with a 3.54 percent gain at 9,054.18 points.

Analysts stated that global equity markets followed a positive trend after US Federal Reserve (Fed) Chair Jerome Powell said they are "not far" from having the confidence needed to ease monetary policy, noting that investors are now focused on the Turkey assessment report expected to be released by international rating agency Fitch Ratings this evening.

Reminding that risk appetite in equity markets has increased following Powell's "dovish" forward guidance, analysts emphasized that the employment report data to be released in the US today could provide signals regarding the direction of the labor market, which could influence the steps the Fed will take in the coming period.

Analysts stated that domestically, the Turkey assessment report expected from Fitch Ratings this evening has become the focus of investors, and noted that industrial production and producer inflation in Germany, growth in the Eurozone, and the employment report in the US will be monitored abroad.

Technically, analysts noted that the 9,000 and 8,900 levels serve as support for the BIST 100 index, while the 9,200 and 9,300 levels stand out as resistance.