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Stock market rose in the first half of the day

November 8, 20242 Mins Read

In Borsa Istanbul, the BIST 100 index rose by 1.88 percent in the first half of the day, reaching 9,114.59 points. The BIST 100 index, trending upwards in the first half of the day, reached 9,114.59 points with an increase of 168.45 points compared to the previous closing at 1:00 pm. The total trading volume was 49.9 billion Turkish lira. The banking index gained 3.95 percent, and the holding index gained 1.75 percent. Among the sector indices, banking showed the highest gain, while food and beverage had the biggest decline with 0.57 percent. Domestically, the Inflation Report Briefing Meeting, where the President of the Central Bank of the Republic of Turkey (CBRT) Fatih Karahan made a presentation, was closely followed. Karahan stated, “We will maintain a tight stance in monetary policy until a clear and sustainable improvement in the inflation outlook is achieved while forming our medium-term projections. Additionally, we reflected our expectations that coordination in economic policies will continue to increase.” Karahan announced that they have revised their year-end inflation forecasts for 2024 and 2025 upwards to 44 percent and 21 percent, respectively, and stated that they predict inflation to decline to 12 percent by the end of 2026. Analysts noted that the remaining day will be focused on monitoring the University of Michigan Consumer Confidence Index, and from a technical standpoint, they identified 9,200 and 9,250 points as resistance levels and 8,900 and 8,850 levels as support for the BIST 100 index.

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