Borsa Istanbul Rose in the First Half and Inflation Declined
While the BIST 100 index gained ground in the first half of the day, focusing markets, annual inflation fell below 30 percent for the first time in a long while according to TURKSTAT data.
The BIST 100 index on Borsa Istanbul gained 1.41 percent in the first half of the day to reach 12,443.35 points. TURKSTAT data announced during the same period revealed that annual inflation fell below the 30 percent threshold in September for the first time since November 2021.
Course of the BIST 100 Index
Showing an upward trend in the first half of the day, the BIST 100 index increased by 173.17 points compared to the previous close as of 13:00, rising to 12,443.35 points with a total transaction volume of 68.2 billion liras.
Sector Performance
While the banking index gained 3.26 percent and the holding index 1.07 percent, banking recorded the highest increase among sectors, while financial leasing and factoring was the sector experiencing the most decline with 6.64 percent.
State of Global Markets
In global markets, expectations that the U.S. Federal Reserve (Fed) will pause interest rate hikes in October supported purchases, while concerns regarding France's public finances in the euro area put pressure on assets.
September Inflation Data
According to data from the Turkish Statistical Institute (TURKSTAT), the Consumer Price Index (CPI) increased by 1.84 percent on a monthly basis in September, staying below the 2.18 percent expectation in the AA Finance Inflation Expectation Survey.
Decline in Annual Inflation
The annual inflation rate materialized at 29.73 percent, and with this result, annual inflation dropped below 30 percent for the first time since November 2021.
Market Expectations and Levels
Analysts stated that U.S. service sector Purchasing Managers' Index (PMI) data will be monitored for the rest of the day, noting that technically 12,500 and 12,600 points are in the position of resistance, while 12,200 and 12,100 points serve as support.