Stock market opens higher (May 16, 2024)

The stock market opened the day with gains.

At the opening, the BIST 100 index rose by 30.43 points, or 0.30 percent, compared to the previous close, reaching 10,189.06 points.

The banking index gained 0.16 percent, and the holding index rose by 0.29 percent. Among sector indices, the sports sector was the top gainer with 1.01 percent, while the securities investment trust sector was the biggest loser, falling by 0.18 percent.

The BIST 100 index at Borsa Istanbul closed yesterday at 10,158.63 points, down 0.15 percent.

Global markets are following a positive trend as data released in the US yesterday eased inflation concerns.

According to data released in the US yesterday, the Consumer Price Index (CPI) rose by 0.3 percent on a monthly basis in April, below expectations, while it increased by 3.4 percent annually, in line with expectations. In March, the CPI had risen by 0.4 percent monthly and 3.5 percent annually.

Domestically, Treasury and Finance Minister Mehmet Şimşek, speaking at a session during the Qatar Economic Forum held in Doha, Qatar, yesterday, emphasized that the government is determined to take all necessary steps to ensure price stability, stating, "We have a robust program to reduce inflation. Fiscal policy will also support the disinflation process."

Analysts noted that today, the private sector's external debt data and weekly money and bank statistics will be monitored domestically, while weekly jobless claims, housing starts, industrial production, and capacity utilization rates in the US will be followed internationally. From a technical perspective, they noted that the 10,300 and 10,400 levels are resistance points for the BIST 100 index, while 10,100 and 10,000 points serve as support levels.