Stock market starts the first trading day of the week with gains (September 9, 2024)
The BIST 100 index at Borsa Istanbul started the week with a 0.25 percent increase at 9,795.24 points.
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The stock market started the week with gains.
At the opening, the BIST 100 index rose by 24.08 points and 0.25 percent compared to the previous close, reaching 9,795.24 points.
The banking index gained 0.24 percent and the holding index gained 0.16 percent. Among sector indices, tourism was the top gainer with 0.64 percent, while construction saw the largest decline with 0.38 percent.
On Friday, the BIST 100 index at Borsa Istanbul, which followed a downward trend, closed the day with a 1.67 percent loss at 9,771.16 points.
Analysts stated that global equity markets followed a negative course as data released in the US fueled concerns about an economic recession, noting that eyes are now turned to the inflation data to be released in the US in the new week.
While uncertainties remain regarding the scale of the steps the US Federal Reserve (Fed) will take by the end of the year, the flow of macroeconomic data in the country and the verbal guidance of officials are being closely monitored.
On the other hand, international credit rating agency Fitch Ratings, in a report published on Friday, upgraded Turkey's credit rating from "B+" to "BB-" and set the outlook as stable.
In its statement, Fitch noted that positive real interest rates, low current account deficits, and the gradual decline in foreign exchange-protected deposits would likely support the durability of the improvement in external buffers, and reported that reserves are projected to rise to 158 billion dollars by the end of this year and 165 billion dollars by the end of 2025.
Analysts, who stated that the real rate of return on financial investment instruments will be monitored domestically today, and the Sentix investor confidence index in the Eurozone, as well as wholesale inventories and consumer inflation expectations in the US will be followed abroad, noted that technically, the 9,900 and 10,000 levels are resistance, while the 9,600 and 9,500 point levels are support for the BIST 100 index.