Stock market starts the first trading day of the week with gains

The stock market started the week with gains.

At the opening, the BIST 100 index rose by 5.45 points, or 0.05 percent, compared to the previous close, reaching 10,282.33 points.

The banking index recorded a 0.05 percent increase, while the holding index rose by 0.32 percent. Among sector indices, financial leasing and factoring was the top gainer with 0.6 percent, while the sports sector was the biggest loser with a 3.27 percent decline.

On Friday, the BIST 100 index at Borsa Istanbul closed the day with a 0.67 percent increase at 10,276.88 points, breaking its all-time closing record and reaching an all-time high of 10,286.57 points during the session.

In global markets, expectations that the U.S. economy could achieve a "soft landing" have strengthened again after last week's non-farm payroll data came in below expectations, while the forward guidance to be provided by U.S. Federal Reserve (Fed) officials throughout the week has become the focus of investors.

Meanwhile, after the markets closed on Friday, the U.S.-based credit rating agency Standard and Poor's (S&P) upgraded Turkey's credit rating from "B" to "B+", stating, "We expect portfolio inflows to increase and current account deficits to narrow, and inflation and dollarization to decrease over the next two years."

Analysts noted that the real effective exchange rate will be monitored domestically today, while the services sector and composite Purchasing Managers' Index (PMI) data will be followed in Europe. From a technical perspective, they stated that the 10,300 and 10,400 levels are resistance points for the BIST 100 index, while 10,200 and 10,100 points serve as support.