Stock market opens higher (26.04.2024)

At the opening, the BIST 100 index rose by 46.59 points and 0.48 percent compared to the previous close, reaching 9,763.37 points.

The banking index recorded a 0.56 percent increase, and the holding index rose by 0.37 percent. Among sector indices, insurance was the top gainer with 2.59 percent, while sports was the only decliner with 3.73 percent.

Yesterday, the BIST 100 index at Borsa Istanbul followed a volatile course and closed the day with a 0.05 percent loss at 9,716.77 points.

Analysts stated that global equity markets followed a mixed course as signals from data released in the US yesterday indicated that the fight against inflation in the country might take longer than expected.

On the other hand, yesterday, the Monetary Policy Committee (MPC) of the Central Bank of the Republic of Turkey (TCMB) kept the one-week repo auction rate, which is the policy rate, unchanged at 50 percent.

Following the interest rate decision, according to the announcement made by the TCMB, the interest rate applied to Turkish lira (TL) required reserves was increased in order to strengthen the monetary transmission mechanism, increase the share of Turkish lira deposits, and support the transition from Foreign Exchange Protected Deposits (KKM) to TL deposits.

In the announcement, the upper limit of the interest rate applied to the required reserve amount that must be maintained for KKM, based on the renewal and transition rate to TL, was set at 60 percent of the policy interest rate, and the upper limit of the interest rate applied to the required reserve amount that must be maintained for TL deposits, based on the level of the transition rate to TL, was set at 80 percent of the policy interest rate.

Thus, the highest interest rate that banks meeting the specified conditions can receive for the required reserves maintained became 30 percent for KKM accounts and 40 percent for TL deposit accounts.