How did the stock market start the day?

On the Borsa Istanbul Derivatives Market (VİOP), the December-term contract based on the BIST 30 index started the day at 9,102.50 points, recording a 0.4 percent increase.

The February-term index contract traded at 9,102.50 points in the opening session, 0.4 percent above the previous normal session close.

The index contract, which remained under selling pressure the previous day, completed the normal session at 9,069.75 points, 0.6 percent below its previous close. In the evening session, it partially recovered its losses, rising 0.2 percent to 9,091.75 points.

Experts stated that global equity markets are following a negative trend due to weakening expectations for a rate cut by the US Federal Reserve (Fed) in March, noting that a busy data agenda has become the focus of investors today.

Reminding that data released in the US since the beginning of the year supports inflation, experts pointed out that this situation indicates the Fed will not be in a hurry regarding interest rate cuts.

On the other hand, international credit rating agency Moody's yesterday upgraded the credit rating outlooks of 17 Turkish banks from "stable" to "positive" following its upgrade of Turkey's credit rating outlook.

Experts noted that today's agenda includes short-term debt stock and weekly money and bank statistics domestically, as well as a speech by European Central Bank (ECB) President Christine Lagarde and a busy global data agenda abroad, adding that technically, 9,100 and 9,200 points are resistance levels for the index contract, while 9,000 and 8,900 levels are support positions.

News Source: AA