BIST 100 index finishes the day with a decline as attention turns to S&P evaluation
While the BIST 100 index on Borsa Istanbul finished the day with a decline, PPI data in the US exceeded expectations and markets await S&P's credit rating decision for Turkey.
The BIST 100 index decreased by 48.12 points compared to the previous close, with a total trading volume of 92.3 billion liras, while increasing inflationary pressures in global markets negatively affected risk appetite.
Course of the BIST 100 Index
The BIST 100 index decreased by 48.12 points compared to the previous close, and the total trading volume reached 92.3 billion liras. Among sector indices, banking gained the most, while financial leasing factoring lost the most with 4.92 percent.
Sectoral Developments and Changes
The banking index gained 1.12 percent, while the holding index lost 0.76 percent. Following the general trend in the stock market, investors continue to closely monitor sector-based movements.
US PPI Data Announced
In the US, the Producer Price Index (PPI) increased above expectations in September, up 1.3 percent monthly and 6.3 percent annually. Producer inflation reached its highest level since March 2022 on a monthly basis and December 2022 on an annual basis.
Global Markets and Inflation Concerns
Following the CPI data, today's PPI data further fueled fears regarding persistent price pressures, which dampens risk appetite in global markets.
Domestic and International Data Calendar
Analysts stated that tomorrow the CBRT's September residential property price index and October market participants survey will be followed domestically, along with international data.
Speeches by Central Bank Governors
Internationally, speeches by US Federal Reserve (Fed) Chair Kevin Warsh and Bank of England (BoE) Governor Andrew Bailey remain in the focus of the markets.
Technical Levels and Resistances
Analysts noted that technically, 12,000 and 11,900 points are support levels for the BIST 100 index, while 12,200 and 12,300 points serve as resistance.
Expectation for S&P Turkey Evaluation
International credit rating agency Standard & Poor's (S&P) is expected to release its evaluation regarding Turkey tomorrow evening after the markets close. S&P is expected to maintain Turkey's credit rating and outlook.