Istanbul stocks open in green after profitable week
A trader walks in the trade floor of the Borsa Istanbul on May 22, 2018 (AFP Photo)
Borsa Istanbul’s benchmark BIST 100 index opened the week at 10,869.00 points, marking a 28.41-point increase or 0.26% from the previous closing session.
The banking index rose by 0.21%, while the holding index gained 0.72%. Among sector indices, construction led the gains with a 1.10% increase, whereas mining saw the largest decline, falling 1.78%.
On Friday, Borsa Istanbul closed with an upward trend, as the BIST 100 index rose by 1.05% to reach 10,840.59 points, bringing its weekly gain to 4.01%, while recording a daily trading volume of ₺121.1 billion ($3.3 billion).
What to watch for in Istanbul stocks?
Global markets are showing positive momentum, driven by U.S. inflation data, which indicates that inflation remains under control and China’s new economic stimulus measures.
Meanwhile, Borsa Istanbul announced that the “upward step rule” will be applied for short-selling transactions on BIST 50-listed stocks for one day in today’s session.
Analysts note that Türkiye’s central government budget balance will be closely monitored today.
From a technical perspective, the BIST 100 index faces resistance at 10,900 and 11,000 points, while support levels are seen at 10,800 and 10,700 points.
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