Stock market opens higher (November 14, 2024)

The stock market opened the day with gains.

At the opening, the BIST 100 index rose by 53.98 points, or 0.58 percent, compared to the previous close, reaching 9,354.28 points.

The banking index gained 0.74 percent, while the holding index rose by 0.44 percent.

Among sector indices, the food and beverage sector was the top gainer with 0.80 percent, while the securities investment trust index was the biggest loser, falling by 0.59 percent.

Following a bullish trend yesterday, the BIST 100 index at Borsa Istanbul closed the day with a 0.80 percent gain at 9,300.30 points.

In global markets, while the search for direction continues amid concerns that potential protectionist policies in the coming period could reinforce inflationary pressures, all eyes are on the statements to be made today by US Federal Reserve (Fed) Chair Jerome Powell regarding the economic outlook.

Although inflation data released in the US yesterday came in line with expectations, signals from the sub-items of the data supported concerns that the Fed's fight against inflation might take longer than anticipated.

Analysts noted that weekly money and bank statistics will be monitored domestically, while in the international arena, Fed Chair Powell's speech, the Producer Price Index (PPI), weekly jobless claims in the US, and growth, industrial production, and ECB meeting minutes in the Eurozone will be followed. They also stated that, from a technical perspective, the 9,250 and 9,000 levels serve as support for the BIST 100 index, while 9,400 and 9,500 points act as resistance.

News Source: AA