The stock market declined in the first half of the day.
Moving with a downward trend in the first half of the day, the BIST 100 index fell by 172.64 points to 8,856.74 points as of 1:00 PM compared to the previous close. The total trading volume was 46.3 billion lira.
The banking index lost 0.86 percent, while the holding index lost 1.91 percent.
Among the sector indices, the only gainer was securities investment trusts with 0.18 percent, while the biggest decliner was electricity with 3.46 percent.
Analysts stated that uncertainty regarding data to be released for the remainder of the week and the future policies of major central banks has dampened risk appetite in global equity markets.
While uncertainty continues regarding the timing and pace of interest rate cuts expected to begin this year by the US Federal Reserve (Fed), the cautious tone in the forward guidance provided by Fed officials yesterday helped strengthen selling pressure in equity markets.
Stating that durable goods orders, the housing price index, the consumer confidence index, and the Richmond Fed Manufacturing Index data from the US will be monitored in the afternoon, analysts noted that from a technical perspective, the 8,800 and 8,700 levels are support, while 9,200 and 9,350 points are resistance for the BIST 100 index.
News Source: AA
