The BIST 100 index opened at 10,911.92 points, an increase of 0.37 percent compared to the previous closing, gaining 40.44 points. The banking index rose by 0.24 percent and the holding index by 0.38 percent. While all sector indices were on the rise, the tourism sector saw the highest increase with 1.42 percent.
Yesterday, the BIST 100 index in Borsa Istanbul, which was moving in a downward trend, closed the day at 10,871.48 points with a decrease of 1.09 percent compared to the previous closing. Analysts noted that on the global stock markets, the search for direction continued with mixed signals from the data released in the US, highlighting the slowdown in selling pressure on technology stocks.
The US economy grew by 2.8 percent in the second quarter of this year, exceeding expectations. The better-than-expected growth data supports the forecast that the Federal Reserve (Fed) can end its fight against inflation with a “soft landing” and not harm the economy. Investors are keenly watching the Fed to see how many interest rate cuts it will make this year, with market pricing indicating that the Bank is expected to cut interest rates three times from September onwards.
Furthermore, the ongoing intense earnings season continues to fuel volatility on a stock and sector basis. Analysts pointed out that today, domestic sectoral inflation expectations and in the US, personal consumption expenditures, personal income and expenditures, and the University of Michigan consumer confidence index will be monitored. In terms of technical analysis, the support levels for the BIST 100 index are at 10,800 and 10,700 points, with 11,000 points as the resistance level.
