Borusan shares jump 51% despite stock market decline

The BIST100 index on the Istanbul Stock Exchange closed its last session at 9,521 points. September 12, the index recorded a 3.2% loss for the month. While 79 stocks saw declines, Borusan Boru (BRSAN) stood out with a 51% surge, largely driven by a $363 million business deal in the U.S. Despite losses, analysts emphasize that holding above 9,400 and breaking through the 9,700 resistance mark is crucial for a recovery.

Key levels of support and resistance

On Thursday, the BIST100 index rose by 1.08%, closing at 9,521 points. Staying above the 200-day moving average of 9,400 is seen as critical, with 9,200 points serving as a key support level. On the upside, the 9,550–9,700 range is identified as a significant resistance area.

Top gaining stocks

The closing of short positions in the futures and options market as the index approached oversold territory contributed to the recent rise in the index. On September 12, the BIST100 saw these biggest gainers:

• Borusan Boru (BRSAN)
• Pegasus Airlines (PGSUS)
• Sekerbank (SKBNK)
• Tofas (TOASO)
• AgroTech (AGROT)

Biggest drops in September

Despite limited losses in the index, some stocks saw significant drops in September. From the start of the month until September 12, the stocks that fell the most, ranging between 15.85% and 12.42%, were:

• SASA Polyester (SASA)
• Reeder (REEDR)
• Sok Marketler (SOKM)
• Mavi Giyim (MAVI)
• CW Energy (CWENE)

What’s behind Borusan Boru’s rise?

Borusan Boru (BRSAN), which closed August at ₺378.50 ($11,15), saw its stock price soar to ₺572.00 ($16,84) by the end of September 12. The company’s announcement of a $363 million order for the Blackcomb Mainline Project in North America is responsible for this impressive rise. The project is expected to be delivered in 2025, and the deal is projected to have a positive impact on the company’s financial performance.