Istanbul stock market completes the week with records on April 9th, 2024
The BIST 100 index on the Borsa Istanbul ended the day at 9,814.19 points with a 0.59 percent gain, setting both daily and weekly closing records, while reaching its highest level at 9,849.26 points. While the BIST 100 index increased by 57.50 points compared to the previous closing, the total trading volume was 44.4 billion Turkish Lira. The banking index gained 1.45 percent, and the holding index gained 0.66 percent.
As today is the eve of a holiday in the stock market, continuous auction transactions were conducted in the equity markets until 12:30, followed by a closing session between 12:30 and 12:40.
Analysts noted a cautious trend in global equity markets ahead of tomorrow’s inflation data release in the United States.
Analysts mentioned the ongoing uncertainty about the timing and magnitude of the interest rate cut by the Federal Reserve (Fed), pointing out that last week, after the hawkish-toned statements by Fed officials and data indicating a tight labor market stance, there was a change in market pricing in the money markets.
Analysts reminded that domestic markets would be closed tomorrow due to the Ramadan Eid holiday, while in the international arena, besides inflation in the United States, the minutes of the Fed meeting, treasury budget balance, and the Producer Price Index (PPI) in Japan will be followed.
From a technical standpoint, analysts emphasized that the levels of 9,900 and 10,000 are prominent as resistance levels in the BIST 100 index, while 9,700 and 9,600 points are considered support levels.
