The BIST 100 index at Borsa İstanbul continued its weak performance ahead of the final trading day of October. The index has lost 6.54 percent of its value since the beginning of the month, closing its last session at 11,165 points. If the index, which fell by 16.65 percent in September, also finishes October with a loss, it will mark the second consecutive monthly decline in the stock market.
The process regarding fund liquidations, the interim payment schedule, and warnings from MSCI are being closely monitored in the market. While interim payments to investors in funds managed by Tera, Pusula, and Atlas Portföy are expected to begin today, it is anticipated that priority in payments will be given to money market funds. According to the principles set by the Capital Markets Board (SPK), a maximum payment of 1 million TL will be made to investors for each fund based on their net investment amounts.
11,000 THRESHOLD MONITORED AS CRITICAL SUPPORT
Burgan Yatırım reported that it considers the index's ability to hold above the 11,000 level and close near flat during the half-day session before Republic Day to be significant. According to the institution, although legal steps regarding fund liquidations and developments in the payment process create a positive foundation, this picture has not yet translated into a clear recovery in risk appetite. The lack of a strong increase in trading volume also indicates that the market is still searching for direction.
In terms of technical outlook, maintaining the 11,000 level stands out as essential to prevent further deepening of the sell-off. In its assessment, Burgan Yatırım stated that if the index remains above this level, attempts to rise toward the 11,450 resistance could gain strength. However, the fact that buying is not supported by sufficient volume is seen as a factor that could make it difficult to surpass this level in the initial phase.
According to Burgan Yatırım, if stability is achieved above 11,450, it is expected that the movement in the index could gain momentum and head toward the 12,500 resistance. Conversely, if the 11,000 level is lost, the possibility of the sell-off continuing toward the 10,500 main support remains on the table.
Kuveyt Türk Yatırım, on the other hand, pointed out that sector and company-based divergences have become more pronounced due to the impact of the earnings season. The institution assessed that, in addition to pricing based on financial results, the intense flow of news from global markets could also be influential in the index's search for direction. From a technical perspective, while maintaining the 11,000 support is seen as important for the short-term outlook, the 11,350 level stands out as the first resistance in the event of potential rebound buying.
Ata Yatırım's technical bulletin also emphasized that the search for balance in the index continues following the recent sharp pullback. While the institution evaluated the closing just above the 11,150 level as positive, albeit limited, it stated that the 11,350 resistance must first be surpassed for the rebound movement to strengthen. It was noted that if the index falls below 11,150 again, selling pressure could increase, and the 10,900 and 10,700 levels would be monitored as support during pullbacks.
News Source: 12punto
