Stock Market Sets New Records on Last Minute of Trading
BIST 100 Index Sets New Record on July 13th
The BIST 100 index in Borsa Istanbul achieved a record high on the 4th trading day of the week, closing with a significant increase. Compared to the previous close, the index rose by 26.30 points, reaching a total transaction volume of TL 134.1 billion.
Among the sector indices, the banking index performed exceptionally well, gaining 3.45 percent, while the holding index saw a growth of 0.72 percent. Notably, the tourism sector stood out as the most profitable with a staggering 6.49 percent increase, while the mining sector experienced a decline of 3.66 percent.
In global stock markets, analysts closely monitored the US Producer Price Index (PPI) for June. The PPI had a monthly and annual increase of 0.1%, falling below expectations. Following the release of the Consumer Price Index (CPI) data in the US and the US Federal Reserve’s enhanced policy approach, the PPI results contributed to a positive trend.
The data from the PPI and the expectations of the Federal Reserve’s actions have influenced market predictions. Many now believe that the Federal Reserve may halt its aggressive monetary policy after a 25 basis points increase in the policy rate this month. This development has strengthened pricing in money markets.
Looking ahead, market participants are eagerly awaiting several events. Tomorrow, there will be a survey of market participants in the country, updates on the foreign trade balance in the Euro Area, the University of Michigan consumer confidence index in the US, and the industrial production and capacity utilization rate in Japan. From a technical perspective, the BIST 100 index is expected to face resistance levels at 6,400 and 6,600, with support levels at 6,200 and 6,100.
In conclusion, the BIST 100 index’s remarkable performance on July 13th, coupled with global market developments and expectations regarding the Federal Reserve’s actions, has sparked great interest among investors. The coming days will provide further insight into the market’s trajectory, as various economic indicators are closely monitored.
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