Stock market declined in the first half of the day (May 9, 2024)

Moving in a downward trend during the first half of the day, the BIST 100 index fell by 41.48 points compared to the previous close, reaching 10,206.27 points as of 13:00. The total trading volume was 43.2 billion liras.

While the banking index gained 0.61 percent in value, the holding index lost 0.14 percent.

Among sector indices, the forestry, paper, and printing sector was the top gainer with 1.43 percent, while the sports sector saw the largest decline with 2.00 percent.

CBRT GOVERNOR MADE A STATEMENT

On the other hand, Central Bank of the Republic of Turkey (CBRT) Governor Fatih Karahan, who shared the 2nd Inflation Report of the year at an information meeting held at the Central Bank Administration Center, announced that they have updated the year-end inflation forecast for 2024 upward by 2 points to 38 percent, and maintained the 2025 and 2026 forecasts at 14 percent and 9 percent, respectively.

In global markets, signals regarding the steps the US Federal Reserve (FED) will take in the coming period continue to be awaited.

Analysts stated that weekly money and banking statistics will be monitored domestically in the afternoon, while the Bank of England's (BoE) interest rate decision and weekly jobless claims in the US will be followed abroad, noting that from a technical perspective, the 10,200 and 10,000 levels are support, and the 10,300 and 10,400 levels are resistance for the BIST 100 index.

News Source: 12punto