Index contract starts the day with gains in VIOP

The December-dated BIST 30 index contract on the Borsa Istanbul Derivatives Market (VIOP) opened the day with a 0.1 percent increase at 8,618.00 points.

The February-dated index contract traded at 8,618.00 points in the opening session, 0.1 percent above the previous normal session close.

The index contract, which followed a bullish trend yesterday, completed the normal session at 8,609.25 points, 1.6 percent above its previous close. The index contract continued its rise in the evening session, reaching 8,618.00 points.

Analysts stated that global markets are following a mixed trend due to uncertainty regarding when the US Federal Reserve (Fed) will begin interest rate cuts, adding that data from the employment report to be released in the US today has become the focus of investors.

Following the data released in the US yesterday, which indicated that the labor market remains strong, the probability of the Fed starting interest rate cuts at its March meeting in money market pricing fell to 65 percent, a decrease of 20 basis points compared to the beginning of the week.

"WE WILL FOREGO MORE THAN 630 BILLION LIRAS IN REVENUE"

On the other hand, Minister of Treasury and Finance Mehmet Şimşek stated yesterday that an improvement in Turkey's credit rating outlook has begun and that they believe a rating upgrade will follow, noting the following:

"(To the business world) We have introduced massive incentives for goods and services, and we will continue to do so. If you are not exporting, please make plans to 'export in 2024 and beyond.' Because we will support you. We will forego more than 630 billion liras in revenue in 2024 to support your competitiveness, employment, and workers."

Analysts reported that a busy data agenda will be followed today, primarily weekly money and bank statistics domestically and the employment report in the US abroad, noting that technically, 8,700 and 8,800 points are resistance levels for the index contract, while 8,600 and 8,500 levels are in the support position.