Economy in Turkey: Why is Istanbul Stock Market going down?
The Borsa Istanbul BIST 100 index concluded the day with a 2.61% loss, closing at 7,568.30 points. The BIST 100 index decreased by 203.03 points compared to the previous close, with a total trading volume of 80.8 billion Turkish liras.
The banking index lost 3.25%, and the holding index lost 2.56%. Among the sector indices, the information technology sector gained the most with 2.31%, while the sports sector experienced the most significant decline with 3.95%.
Analysts noted that global equity markets continued to search for direction amid uncertainties about central banks’ monetary policies. They mentioned that the domestic data agenda would be quiet tomorrow, while internationally, inflation in the U.S., growth in the Eurozone, the unemployment rate in the U.K., and the ZEW economic sentiment index in Germany would be closely monitored.
From a technical perspective, analysts pointed out that 7,500 points serve as support for the BIST 100 index, while 7,750 and 7,950 levels stand out as resistance.
