The Borsa İstanbul BIST 100 index started the day with a 0.15% decrease at 13,790.46 points. The index opened with a 21.14 point decline compared to the previous close.
Inflationary concerns have strengthened due to the lack of results in the search for lasting peace in the Middle East. Hawkish messages from US Federal Reserve (Fed) officials are also tempering risk appetite.
Sector Performance
The banking index decreased by 0.34% and the holding index decreased by 0.75%. Among sector indices, the highest gainer was the chemical, petroleum, and plastic sector with 0.60%, while the biggest decliner was the mining sector with 2.75%.
Market Context
The BIST 100 index completed the previous day with a 0.23% gain, ending at 13,811.60 points. Prior to that, the index completed Friday with a 0.14% loss, ending at 13,779.39 points. The index had started the week with a 0.33% increase, rising to 13,825.07 points.
Positive effects from the weakening of interest rate hike predictions for the US Federal Reserve (Fed) following weak employment data in the US were carried over to the new week. Expectations of interest rate cuts for the Fed following weak employment data in the US support risk appetite. The BIST 100 index provided a weekly premium of 2.75%.
The BIST 100 index's value loss over the last month has receded to 3.78% following the recovery move in the first week of August.
Analyst Outlook
Analysts noted that retail sales in Turkey and second-hand home sales in the US would be followed today.
For the BIST 100 index, analysts identified 13,700 and 13,600 points as support levels, while 13,900 and 14,000 points are resistance levels.
