Stock Market Plunges in Morning Trade – Breaking Economic Update
BIST 100 Index Falls Due to Global Tensions
The BIST 100 index experienced a downward trend in the first half of the day, falling to 9,455.45 points as of 13.00, a decrease of 69.14 points compared to the previous closing. The total transaction volume reached 34.5 billion lira.
In terms of sector performance, the banking index lost 1.30 percent, while the holding index lost 0.20 percent. The sports sector was the only one to gain, with an increase of 1.68 percent, while the trade sector experienced the most significant decrease of 2.05 percent.
Analysts attributed the negative trend in global equity markets to concerns surrounding the escalating tensions between Israel and Iran, as well as uncertainties regarding the future policies of the US Federal Reserve (Fed).
Recent reports by American media indicated that Israel conducted an attack on Iranian territory, leading to explosions in the northeast of Isfahan province, home to an Iranian Air Force Base. This incident has raised fears of increased volatility in commodity prices, potentially fueling inflationary pressures globally.
Furthermore, concerns persist that a further escalation of tensions between Israel and Iran could impact the decisions made by central banks, making it challenging to predict market movements with certainty.
Looking ahead, analysts will closely monitor the weekly money and bank statistics data in the afternoon. From a technical perspective, the resistance levels for the BIST 100 index are set at 9,600 and 9,700, while support levels are at 9,400 and 9,300 points.
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