Stock Market Ends Day with Gain – Late Economic Update
Borsa Istanbul’s BIST 100 index closed the fourth trading day of the week on Thursday, November 16 with an increase, according to the latest data. The index saw an increase of 114.81 points compared to the previous closing, with a total transaction volume of 75.7 billion lira.
The banking index gained 2.92 percent, and the holding index gained 1.27 percent. Among the sector indices, transportation saw the most significant gain with 3.32 percent, while securities investment trust decreased by 1.78 percent.
In contrast, the number of people applying for unemployment benefits for the first time in the USA increased to 231 thousand in the week ending November 11, exceeding market expectations. The Philadelphia Fed Manufacturing Index also fell short of expectations with a -5.9 in November, indicating continued contraction in the sector.
Analysts have noted that global stock markets are following a mixed course, with growing concerns about a potential recession in the Chinese economy. The data announced in the USA also points to a softening in the labor market, raising concerns about a potential recession in the US economy. This has strengthened expectations that the US Federal Reserve (Fed) may put an end to interest rate increases.
Looking ahead, analysts have highlighted that market participants will be closely monitoring surveys in the country, inflation in the Eurozone, as well as housing starts and construction permits in the USA. From a technical perspective, the 7,850 level in the BIST 100 index is seen as resistance, while 7,700 and 7,600 points are considered as support levels.
As the market remains dynamic, it is important for investors to stay informed and watch for any significant developments. Stay tuned for the latest updates and trends in the market.
