Stock market hits record high in first half of the day

The BIST 100 index reached an all-time high of 8,784.21 points, and as of 1:00 PM, it stood at 8,779.66, marking an increase of 113.98 points and 1.32 percent compared to the previous close.

The total trading volume reached the level of 54 billion lira.

The banking index gained 2.73 percent, while the holding index rose by 0.49 percent. Among sector indices, the information technology sector was the top gainer with 3.09 percent, while the communication sector was the only decliner, falling by 0.39 percent.

Analysts stated that while global equity markets are following a mixed trend due to the postponement of expectations regarding when the US Federal Reserve (Fed) will begin interest rate cuts—despite a significant decrease in recession concerns in the US economy—domestic markets have decoupled positively.

On the other hand, according to data released today, the Consumer Price Index (CPI) in Turkey increased by 6.70 percent monthly and 64.86 percent annually.

The Organisation for Economic Co-operation and Development (OECD) also kept its 2.9 percent growth forecast for the Turkish economy for 2024 unchanged.

Analysts, who noted that the services sector and composite Purchasing Managers' Index (PMI) data to be released in the US this afternoon will be monitored, stated that from a technical perspective, the 8,800 and 8,900 levels are resistance points for the BIST 100 index, while 8,600 and 8,500 points serve as support levels.

News Source: AA