Economy in Turkey: Istanbul Stock Market closes the day with an increase, on October 27, 2023
The BIST 100 index in Borsa Istanbul completed the day at 7,706.41 points, gaining 0.58% in value. The BIST 100 index increased by 44.36 points compared to the previous closing, with a total trading volume of 104.1 billion Turkish lira.
The banking index gained 0.91%, and the holding index gained 0.03% in value. Among the sector indices, tourism had the highest gain at 5.34%, while insurance had the biggest decline at 1.18%.
Global markets are experiencing a mixed trend due to concerns that the U.S. Federal Reserve (Fed) could tighten its monetary policy as macroeconomic data in the United States continues to exceed expectations in the fight against inflation.
Analysts stated that in the upcoming week, the focus in domestic markets would be on the Inflation Report of the Central Bank of the Republic of Turkey (CBRT) and the summary of the CBRT Monetary Policy Committee (PPK) meeting, while internationally, the decisions on interest rates by the Fed, the Bank of England (BoE), and the Bank of Japan (BoJ) would be closely watched.
Analysts also noted that no changes in interest rates were expected from the Fed, BoE, or BoJ. On the data front, domestic releases will include inflation and the economic confidence index, while international releases will feature U.S. non-farm payrolls, ADP private sector employment, factory orders, growth in the Eurozone and Germany, as well as the Purchasing Managers’ Index (PMI) for the manufacturing and service sectors worldwide.
RESISTANCE LEVELS AT 7,750 AND 7,800 POINTS
From a technical standpoint, analysts stated that the BIST 100 index had resistance levels at 7,750 and 7,800, with support levels at 7,550 and 7,400 points.
