BIST 100 index started the day with a decline
While global geopolitical risks and Fed expectations weigh on the markets, the stock market opened with a loss of value and the CMB introduced new restrictions on share sales.
The BIST 100 index started the day with a 0.06 percent decrease at 14,324.75 points, while geopolitical risks in global markets, rising oil prices, and expectations regarding the Fed's interest rate hike are affecting the markets.
Opening Stock Market Values
Following yesterday's session where the BIST 100 index lost 2.10 percent to close at 14,334.06 points, it dropped by 9.31 points and 0.06 percent at the opening today to 14,324.75 points compared to the previous close. The banking index gained 0.13 percent, and the holding index gained 0.01 percent.
Status of Sectors
Among sector indices, chemicals, petroleum, and plastic was the top gainer with 0.58 percent, while real estate investment trusts recorded the steepest decline with a 1.64 percent drop.
Global Risks and Oil Prices
Growing supply concerns with the resumption of clashes between the US and Iran pushed oil prices back above the $90 level, causing investors to steer away from risky assets.
Fed Expectations and Hawkish Statements
Increasing concerns over inflationary pressures strengthened forecasts that the Fed will implement an interest rate hike, and in parallel with these developments, hawkish statements from Fed officials continue to arrive.
Restriction on Share Sales by the CMB
The Capital Markets Board brought a new restriction on off-exchange share sales; limits of 2 percent and 4 percent were imposed on the off-exchange sales of shares of certain partnerships based on their actual free float rate.
Market Expectations and Technical Levels
Analysts stated that 14,200 and 14,100 points are support levels and 14,400 and 14,500 points are resistance levels for the BIST 100 index, noting that the heavy data agenda will be monitored.