PMI data from Germany and the US to be monitored
The BIST 100 index at Borsa Istanbul started the day with a 0.05 percent increase at 7,902.36 points.
12punto
At the opening, the BIST 100 index rose by 3.77 points, or 0.05 percent, compared to the previous close, reaching 7,902.36 points. The banking index and the holding index both recorded a 0.06 percent increase. Among sector indices, insurance was the top gainer with 1.79 percent, while construction was the top loser with 0.44 percent. Following a sell-heavy trend yesterday, the BIST 100 index at Borsa Istanbul closed the day down 1.11 percent at 7,898.59 points.
CAUTIOUS STANCE FROM INVESTORS
In global markets, selling pressure has come to the fore in bond markets following the return from the Thanksgiving holiday in the US and Japan, and it appears that investors are maintaining their cautious stance. Yesterday, the Central Bank of the Republic of Turkey (TCMB) raised its policy rate by 500 basis points to 40 percent. In the statement issued by the TCMB, it was noted that the Board assesses that the level of monetary tightness required to establish disinflation has been significantly approached, and it was reported that the pace of monetary tightening will be slowed and the tightening steps will be completed within a short period of time.
In other announcements made by the TCMB, it was stated that there will be no changes to maximum credit card interest rates and merchant commission rates until the end of the year, and that an upper limit has been set on the total interest cost for export and foreign exchange-earning services rediscount credits. According to data released yesterday, the TCMB's total reserves increased by 5 billion 854 million dollars in the week of November 17 compared to the previous week, reaching 134 billion 468 million dollars, the highest level in the last 9 years.
PMI DATA FROM GERMANY AND THE US TO BE MONITORED
Analysts stated that today, the real sector confidence index and capacity utilization rate will be monitored domestically, while ECB President Lagarde's speech, growth data in Germany, and manufacturing, services, and composite PMI data in the US will be followed abroad, noting that technically, the 7,850 and 7,800 levels are support, and the 8,000 and 8,060 points are resistance positions for the BIST 100 index.