Stock market opens with gains (May 22, 2024)

The stock market opened with gains.

At the opening, the BIST 100 index rose by 35.13 points and 0.32 percent compared to the previous close, reaching 10,930.39 points.

The banking index gained 0.26 percent and the holding index gained 0.15 percent. Among sector indices, the top gainer was information technology with 0.93 percent, while the top loser was textile and leather with 0.46 percent.

In Borsa Istanbul, which followed a buying trend yesterday, the BIST 100 index completed the day with a 1.45 percent increase at 10,895.25 points, achieving its highest closing of all time, while also pushing its all-time high record to 11,088.01 points.

Analysts stated that global equity markets have followed a mixed trend following "cautious" guidance from US Federal Reserve (Fed) officials, and that in addition to the expected continued statements from bank officials today, the speech to be delivered by European Central Bank (ECB) President Christine Lagarde has become a focus for investors.

Domestically, Treasury and Finance Minister Mehmet Şimşek, who made evaluations regarding the agenda yesterday, stated that they are determined to lower inflation, saying, "We will not take a step back in fiscal, monetary, and income policies to reduce inflation to 14 percent next year and to single digits the following year."

Analysts stated that global equity markets are following a positive trend as optimism remains regarding the Fed's potential interest rate cuts this year, and that in addition to a busy data agenda today, the expected financial results of Nvidia, a leading company in artificial intelligence technology, have become a focus for investors.

Domestically, news flow yesterday regarding the potential sale of Yapı ve Kredi Bankası to an international client was influential in the rise of the BIST 100 index, with the bank's share price trading at the ceiling price of 37.96 liras with a 9.97 percent increase. Koç Holding shares also rose by 7.3 percent, with the company's market value exceeding 20 billion dollars.

Today, Koç Holding issued a statement reminding that there is no development regarding the sale of its shares in Yapı ve Kredi Bankası AŞ that would require a public disclosure, and stated that information other than that provided by the company should not be relied upon.

Analysts noted that the domestic data agenda is quiet today, while abroad, US existing home sales, the minutes of the Fed's Federal Open Market Committee (FOMC) meeting, and Nvidia's balance sheet will be monitored, adding that technically, the 11,100 and 11,200 levels are resistance for the BIST 100 index, while 10,700 and 10,600 points are support levels.