Economy in Turkey: Horizontal Closure from Borsa Istanbul

Borsa Istanbul had a day with a positive trend on October 30, but it closed flat. The banking index, on the other hand, lost nearly 2% of its value. As the conflicts between Israel and Palestine continue to exert pressure on the markets, Borsa Istanbul started the week with a negative beginning but then moved towards gaining value. Analysts suggest that 7600 will serve as a close support level for downward movements, and 7800 will be the level to watch for upward movements.

This week, there is a dense agenda for both domestic and international data, with a focus on the messages from the Federal Reserve (Fed) regarding its monetary policy in the U.S. and the release of Turkey’s fourth Inflation Report on Thursday, followed by inflation data on Friday.

The BIST 100 index, which traded in a range between 7660 and 7786, closed at 7712, with a 0.08% increase. At the opening, the banking index recorded a 0.61% decrease, and the holding index saw a 0.25% decline, but by the end of the day, they moved with declines of 1.97% and 0.49%, respectively.

From a technical perspective, the BIST 100 index has support levels at 7600 and 7400 points and resistance levels at 7830 and 8000.

On Friday, Borsa Istanbul experienced a volatile session, with the BIST 100 index closing the day at 7706, down 0.58%.