How did the stock market start the final trading day of the week? (April 19, 2024)

The stock market started the day with a decline.

At the opening, the BIST 100 index fell by 93.42 points and 0.98 percent compared to the previous close, dropping to 9,431.16 points.

The banking index recorded a decrease of 0.65 percent, and the holding index fell by 1.22 percent. While all sector indices declined, the real estate investment trust sector was the biggest loser with a 2.67 percent drop.

Yesterday, the BIST 100 index at Borsa Istanbul, which moved within a narrow band, completed the day with a 0.06 percent decrease at 9,524.59 points.

Analysts stated that global equity markets are following a negative trend due to concerns that tensions between Israel and Iran could escalate further, as well as uncertainties regarding the future policies of the US Federal Reserve (Fed).

Today, reports in American media, citing US officials, stated that Israel had carried out an attack on Iranian territory. The Iranian press also announced that sounds of explosions were heard in the northeast of Isfahan province, which hosts an Iranian Air Force base.

While significant progress still needs to be made in the global fight against inflation, there are fears that the tension in the Middle East could increase volatility in commodity prices and support inflationary pressure. Furthermore, concerns that the rising tension between Israel and Iran could affect the steps taken by central banks are seen as another factor complicating pricing.

Analysts noted that today, the Central Bank of the Republic of Turkey (TCMB) Market Participants Survey and weekly money and bank statistics will be monitored domestically, and they recorded that from a technical perspective, the 9,600 and 9,700 levels are resistance, while 9,500 and 9,400 points are support positions for the BIST 100 index.

News Source: AA