Stock market opens with a decline (May 24, 2024)

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

At the opening, the BIST 100 index fell by 8.33 points, or 0.08 percent, compared to the previous close, dropping to 10,784.20 points.

While the banking index gained 0.15 percent, the holding index lost 0.39 percent. Among sector indices, sports was the top gainer with 1.39 percent, while construction was the top loser with 0.77 percent.

Yesterday, the BIST 100 index at Borsa Istanbul completed the day with a 0.98 percent rise at 10,792.53 points.

Analysts stated that risk perception in global equity markets has increased as expectations for the first interest rate cut by the US Federal Reserve (Fed) have been pushed back to November, following data released in the US that pointed to vitality in economic activity. They noted that a busy data agenda has become the focus for investors today.

On the other hand, while the Central Bank of the Republic of Turkey (TCMB) kept the policy rate steady at 50 percent yesterday, the announcement from the bank stated, "The underlying trend of monthly inflation recorded a limited weakening in April. Indicators for the recent period have pointed to a slowdown in domestic demand compared to the first quarter."

In the announcement released following the TCMB's interest rate decision, it was stated that reserve requirement ratios applied to TL deposits and KKM (FX-protected deposit) accounts were increased in order to maintain macro-financial stability, support the monetary transmission mechanism, and sterilize excess liquidity.

Analysts, who noted that the financial services confidence index will be monitored domestically today, and durable goods orders and the University of Michigan consumer confidence index will be followed abroad, recorded that from a technical perspective, the 10,600 and 10,500 levels are support, while 10,800 and 11,000 points are resistance for the BIST 100 index.