Borsa Istanbul started the first trading day of the week with a decline, and the losses quickly accelerated. The Borsa Istanbul 100 Index lost more than 2% during the day, while the banking index dropped by more than 4%.
After finishing the previous week with a decline, Borsa Istanbul started the new week with losses, which quickly intensified. The drop in the stock market was influenced by global trade wars, while the inflation data, which came in much higher than expected, is also weighing on the market.
The Borsa Istanbul 100 Index fell by more than 2% during the day, while the banking index lost over 4%.
Global trade wars begin
In global markets, after the United States imposed a 25% tariff on Canada and Mexico, and an additional 10% tariff on China, selling pressure has intensified. Developments regarding these tariffs are being closely monitored.
In addition to the tariffs that will take effect on February 4, the impact of the additional tariffs that U.S. President Donald Trump has stated he will apply to other countries is a major focus for global trade and economic markets.
First inflation data of the year released
Inflation in January increased by 5.03%, and the annual inflation rate was calculated at 42.12%. Economists had expected the Consumer Price Index (CPI) to rise by 4.33% in January and for the annual rate to decrease to 41.16%. The Producer Price Index (PPI) for domestic production rose by 27.20% year-on-year and by 3.06% month-on-month.
Losses deepen in banks
The BIST 100 index started the day with a 0.86% decline at 9,918 points, moving between the 9,754 – 9,918 range. As of 12:24, the BIST 100 index was down by 1.62% at 9,840 points.
At the opening, the banking index lost 1.32%, and the holding index declined by 0.82%. Currently, they are down 1.66% and 3.16%, respectively.
From a technical perspective, support levels for the BIST 100 index are at 9,900 and 9,800, while resistance levels are at 10,000 and 10,100 points.
On Friday, the Borsa Istanbul 100 index followed a selling-dominated trend and ended the day with a 0.77% loss at 10,004 points. (ekonomim.com)
