How did the stock market start the final trading day of the week? (April 5, 2024)

The stock market started the day with gains.

At the opening, the BIST 100 index rose by 146.86 points, or 1.61 percent, compared to the previous close, reaching 9,275.88 points.

The banking index recorded a 3.43 percent increase, while the holding index rose by 2.84 percent. Among sector indices, banking was the top gainer, while insurance was the only decliner, falling by 0.21 percent.

Yesterday, the BIST 100 index at Borsa Istanbul followed a bullish trend, closing the day with a 2.05 percent gain at 9,129.02 points.

Analysts stated that global equity markets have followed a negative trend following forward guidance from US Federal Reserve (Fed) officials suggesting that the bank might implement fewer interest rate cuts than expected, adding that all eyes are now on the employment report data to be released in the US today.

Noting that the forward guidance from central bank officials continues to influence market direction, analysts reported that risk appetite in equity markets decreased yesterday after Minneapolis Fed President Neel Kashkari warned that interest rate cuts might not occur this year unless further progress is made on inflation.

Analysts stated that the domestic data agenda is quiet today, while abroad, factory orders in Germany, retail sales in the Eurozone, and employment report data in the US will be monitored, noting that technically, the 9,350 and 9,400 levels are resistance, while 9,200 and 9,100 points are support for the BIST 100 index.

News Source: AA