On Borsa Istanbul, the BIST 100 index gained 1.76 percent to end the day at 8,646.12 points, marking its all-time highest close, while also pushing its record for the highest level reached to 8,682.35 points. The BIST 100 index rose by 149.46 points compared to the previous close, with a total trading volume of 113.1 billion lira. The banking index gained 1.45 percent, and the holding index gained 2.84 percent. Among sector indices, the top gainer was stone and earth with 3.64 percent, while the biggest decliner was financial leasing and factoring with 0.91 percent.
INTEREST RATE CUT ATTEMPTS
Analysts stated that in global equity markets, the remarks by Federal Reserve (Fed) Chair Jerome Powell—following the Fed's decision to keep the policy rate unchanged—that it is too early to start interest rate cuts in March continue to affect global equity markets.
On the other hand, the Bank of England (BoE) kept its policy rate unchanged at 5.25 percent, the highest level in 15 years, in line with expectations. BoE Governor Andrew Bailey stated that the Bank is not yet at a point where it can take steps to cut the policy rate and that he does not want to speculate on interest rate cuts.
US EMPLOYMENT REPORT EXPECTED
While it is anticipated that the BoE could begin interest rate cuts this summer, it is expected to move more slowly in this regard compared to the Fed and the European Central Bank (ECB).
Stating that export figures domestically and the employment report to be released in the US will be at the forefront tomorrow, analysts noted that from a technical perspective, the 8,700 and 8,800 levels are resistance, while 8,600 and 8,560 points are support levels for the BIST 100 index.
News Source: AA
