Stock market rises ahead of US inflation

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Lerato Khumalo

BIST 100 index in Borsa Istanbul gained 0.19 percent in the first half of the day and rose to 14,420.91 points.

BIST 100 index, which moved in an upward trend in the first half of the day, increased by 27.05 points and 0.19 percent compared to the previous close, reaching 14,420.91 points as of 13:00.

Total transaction volume was 88.9 billion lira. While the banking index gained 1.08 percent in value, the holding index remained flat.

Among the sector indices, the one that gained the most was communication with 2.64 percent, and the one that lost the most was informatics with 2.91 percent.

While global markets followed a negative course as producer inflation data announced in the USA yesterday exceeded expectations and tensions in the Middle East increased, all eyes turned to the Consumer Price Index (CPI) to be announced in the USA in the afternoon.

According to the balance of payments data announced by the Central Bank of the Republic of Turkey (CBRT), there was a surplus of 36 million dollars in Türkiye’s current account in July.

Analysts stated that the inflation data to be announced in the USA may be decisive on the direction of the markets and may affect the expectations regarding the policies of the US Federal Reserve (Fed), and noted that technically, 14,500 and 14,600 points in the BIST 100 index are resistance, and 14,300 and 14,200 points are support.