Istanbul stocks benchmark turns red after two-day recovery

Borsa Istanbul’s benchmark BIST 100 index opened lower on Wednesday, falling 1.01% to 9,617.01 points after two consecutive days of recovery from last week’s losses.

The banking index declined by 1.85%, while the holding index lost 0.74% in value. Among sector indices, the biggest gainer was information technology with a 0.39% increase, while mining saw the largest loss, dropping 2.29%.

Analysts indicated that the BIST 100 index has support levels at 9,600 and 9,500 points, while resistance levels are positioned at 9,700 and 9,800 points.

BIST 100 closed Tuesday at 9,715.58 points, up 4.48% from the previous session. The total transaction volume reached ₺175.6 billion ($4.62 billion), while the index’s overall market value stood at ₺8.73 trillion.

As of 10:05 a.m. local time (7:05 a.m. GMT), exchange rates stood at ₺38.0045 to the U.S. dollar, ₺41.0310 to the euro, and ₺49.1245 to the British pound.

Meanwhile, according to the sectoral inflation expectations report released by the Turkish central bank for March, households’ 12-month ahead annual inflation expectations slightly increased by 0.1 percentage points to 59.3%.

In contrast, expectations declined among market participants by 0.7 percentage points to 24.6% and by 0.8 percentage points to 41.1% in the real sector.