Stock market starts the last trading day of the week with a decline (September 27, 2024)

The stock market started the day with a decline.

At the opening, the BIST 100 index fell by 14.50 points and 0.15 percent compared to the previous close, dropping to 9,814.69 points.

The banking index gained 0.37 percent and the holding index gained 0.26 percent. Among sector indices, the metal main industry index was the top gainer with 0.46 percent, while the chemical, petroleum, and plastic index saw the largest decline with 2.92 percent.

Yesterday, the BIST 100 index at Borsa Istanbul followed a sell-heavy trend and closed the day with a 0.62 percent loss at 9,829.19 points.

In global markets, a positive trend is being observed following the news that the US economy grew by 3 percent in the second quarter of this year, in line with expectations, fueling predictions that the US Federal Reserve (Fed) could end its fight against inflation with a "soft landing" without harming the economy.

Although questions remain globally regarding whether the fight against inflation will result in a recession, recently released macroeconomic data are helping to keep concerns limited.

Analysts stated that today's focus will be on the foreign trade balance and economic confidence index domestically, and the unemployment rate in Germany, the consumer confidence index and economic confidence index in the Eurozone, and personal income and expenditures, wholesale inventories, core personal consumption expenditures, and the University of Michigan consumer confidence index in the US. They noted that from a technical perspective, 9,700 and 9,600 points are support levels for the BIST 100 index, while 10,050 and 10,200 levels act as resistance.

News Source: AA