New record in BIST 100

SAFAKNA TURKEY – After reaching an all-time high of 5,302.14, the BIST 100 stood at 5,267.02, up 10.83 points and 0.21 percent from the previous close at 13:00. The total volume of the transaction amounted to 71.2 billion lira.

In the first half of the year, the banking index rose by 3.99%, while the holdings index lost 0.14%. Among sectoral indices, bond was the most profitable with 5.50%, while chemicals, oil and plastics declined the most with 1.96%.

Analysts say stock markets’ rapid gains after lower-than-expected US inflation data have given way to a cautious stance as investors expect more clarity on the final interest rate.

Saying that the US Federal Reserve’s (Fed’s) interest rate decision to be announced tonight is the focus of investors’ attention, analysts noted that clues about the course of monetary policy will come from the final interest rate schedule, which includes FRS data. Chairman Jerome Powell’s estimates and Fed members’ forecasts.

Markets are 80 percent more likely to raise the federal funds rate, currently in the 3.75-4.00 percent range in the US, by 50 basis points. The interest rate level in the range of 4.50-4.75% indicated by participants for the end of 2023 in their previous forecasts is expected to be updated 50 basis points higher.

Analysts note that technically the BIST 100 index is at the support level of 5.100 and resistance at the level of 5.320 points.