Business

Borsa Istanbul: The stock market hit a record level in the first half of the day

In the first half of the day, the BIST 100 index in Borsa Istanbul hit its all-time high with 2,434.38 points.

Moving in an upward trend in the first half of the day, the BIST 100 index rose to 2,434.38 points on the first trading day of the seventh week after a six-week upward trend, reaching its all-time high.

As of 13.00, the index gained value by 1.51% and 36.21 points compared to the previous closing, reaching the level of 2,429.61. Total transaction volume amounted to ₺27 billion.

In the first half, the banking index rose 3.27% and the holding index rose 2.68%. Among the sector indices, financial leasing factoring gained the most with 5.60%, and tourism with 0.72% declined the most.

According to the balance of payments data announced by the Central Bank of the Republic of Turkey (CBRT), Turkey’s current account deficit amounted to $5 billion 154 million in February, while the 12-month current account deficit was $21 billion 845 million.

Analysts noted that a significant increase in profits is expected from the majority of companies traded in Borsa Istanbul in the first quarter of the year, adding that especially bank profitability estimations are the main factor feeding the risk appetite.

Pointing out that the Russia-Ukraine war brings opportunities as well as risks, analysts said that the recently improving relations between Turkey and western states also support Turkish lira assets.

Analysts stated that hawking central banks, especially the US Federal Reserve (Fed), and the number of cases that continue to increase in the new type of coronavirus (Covid-19) epidemic in China feed the risk perception in the global stock markets, but the positive divergence of the domestic markets continues.

Stating that the possibility of intensification of conflicts in the Russia-Ukraine war also plays an important role in the low-risk appetite, analysts stated that technically, 2,450 points in the BIST 100 index are resistance and 2.340 levels are support.

Source: NTV / Translated by Irem Yildiz

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