How did the stock market start the day? (April 16, 2024)

The stock market started the day with a decline.

At the opening, the BIST 100 index fell by 34.79 points and 0.36 percent compared to the previous close, dropping to 9,645.01 points.

The banking index recorded a decrease of 0.05 percent, and the holding index fell by 0.48 percent. Among sector indices, mining was the top gainer with 0.93 percent, while the securities investment trust index was the top loser with 1.04 percent.

Yesterday, the BIST 100 index at Borsa Istanbul followed a selling trend and completed the day with a 1.37 percent loss at 9,679.80 points.

Analysts stated that global equity markets are following a negative trend due to the ongoing tensions in the Middle East and growing concerns that the US Federal Reserve (Fed) may keep policy interest rates at high levels for longer than anticipated, adding that today's busy data agenda, along with statements from Fed Chair Jerome Powell, has become the focus of investors.

Today, developments at the International Monetary Fund (IMF) and World Bank Spring Meetings and statements from participants will also be closely monitored. Treasury and Finance Minister Mehmet Şimşek will attend the meetings representing Turkey. Central Bank of the Republic of Turkey (TCMB) Governor Fatih Karahan will also accompany Şimşek.

Analysts noted that today, in addition to retail sales data domestically and the busy data agenda abroad, developments at the IMF meetings and Powell's speech will be followed, and they pointed out that from a technical perspective, 9,600 and 9,500 points are support levels for the BIST 100 index, while 9,700 and 9,800 levels act as resistance.

News Source: AA