Stock market starts the first trading day of the week with gains (November 11, 2024)

The stock market started the week with gains.

At the opening, the BIST 100 index rose by 30.32 points and 0.33 percent compared to the previous close, reaching 9,215.15 points.

The banking index gained 0.63 percent, and the holding index gained 0.22 percent.

Among sector indices, tourism was the top gainer with 1.91 percent, while the sports sector index was the top loser with 0.46 percent.

Following a bullish trend on Friday, the BIST 100 index at Borsa Istanbul closed the day at 9,184.82 points, gaining 2.67 percent compared to the previous close.

Global markets started the week with a mixed trend as investors prepare for a busy macroeconomic data agenda, primarily focusing on inflation in the US and a speech by US Federal Reserve (Fed) Chair Jerome Powell.

Uncertainties regarding the economic policies that US President-elect Donald Trump will pursue in his new term, along with his rhetoric prior to the election about increasing import tariffs, are complicating market pricing.

On the other hand, optimism that the US economy could achieve a "soft landing" continues.

Analysts stated that the Consumer Price Index (CPI) data to be released on Wednesday and the speech by Fed Chair Powell on Thursday have become the focus of investors, noting that signals from these events could provide clues regarding the steps the Fed will take in the coming period.

Stating that industrial production and unemployment rate data will be monitored domestically today, while the data calendar is quiet abroad, analysts noted that technically, 9,300 and 9,400 points are resistance levels for the BIST 100 index, while 9,000 and 8,850 levels are support positions.

News Source: AA