Index contract starts the day flat on VIOP (May 22, 2024)

The June-dated index contract traded at 12,470.00 points in the opening session, just below the previous normal session close.

Yesterday, the index contract followed a buying-weighted trend, completing the normal session at 12,473.50 points, up 2.2 percent from its previous close. The index contract continued its rise in the evening session, increasing by 0.2 percent to 12,494.50 points.

Analysts stated that global equity markets are following a positive trend as optimism persists regarding the US Federal Reserve (Fed) cutting interest rates this year, adding that in addition to a busy data agenda today, the expected financial results of Nvidia, one of the leading companies in artificial intelligence technology, have become the focus of investors.

Domestically, news flow yesterday regarding the potential sale of Yapı ve Kredi Bankası to an international client was influential in the rise of the BIST 100 index, with the bank's share price trading at the ceiling price of 37.96 liras, an increase of 9.97 percent. Koç Holding shares also rose by 7.3 percent, with the company's market value exceeding 20 billion dollars.

Today, Koç Holding reiterated in a statement that there is no development regarding the sale of its shares in Yapı ve Kredi Bankası AŞ that would require a public disclosure, and advised that information other than statements made by the company should not be relied upon.

Analysts noted that the domestic data agenda is quiet today, while abroad, US existing home sales, the minutes of the Fed's Federal Open Market Committee (FOMC) meeting, and the Nvidia earnings report will be monitored, adding that technically, 12,500 and 12,600 points are resistance levels for the index contract, while 12,400 and 12,300 levels are support positions.

News Source: 12punto