The BIST 100 index started the day in the negative territory, but remained mostly flat around the 5,400 point level during intra-day trading. In the afternoon session, the index rose up to 5,450 before falling to 5,375, then stabilized at around the 5,400 level after a brief period of volatility. The BIST 100 index recorded a 3.7% increase for the week, compared to the 15th of February week, and is preparing to close the 4th consecutive week in the positive territory.
The telecom sector showed the most positive performance on the last trading day of the week with a 4% increase, while banks also had slight gains of 1.5% as the session approached its end. Other sectors that recorded gains of over 1% for the day were construction, factoring, and tourism. The cement, mineral products, basic metals, and petrochemical sectors fell around 2%, weighing on the stock market.
GESAN was the top gainer among the BIST 100 index stocks with an increase of over 8%, followed by MGROS, TKFEN, TCELL, and KOZAA with gains of around 4%. BERA was the biggest loser of the day with a 6% drop in BIST 100, followed by ISDMR, EREGL, and TTRAK Turkish Tractor, which also recorded losses.
Kudret Ayyıldır from GCM Investment commented on the market today, stating that there have been new buyers in the market since Monday, and that the purchases are likely from foreign buyers. On Wednesday, the cement and mining indices were on the buy side, while holding and banking indices were on the sell side.
Looking at the technical summary, the BIST 100 index had strong buying momentum in the short-term, but strong selling momentum in the hourly and daily time frames. In the monthly time frame, there was strong buying momentum, but there was also a drop of nearly 5% in other stocks.
Overseas markets showed a negative outlook, with European indices falling by more than 1% at the end of the day, following losses in Asian markets. In the US, the Nasdaq, S&P 500, and Dow Jones opened down by an average of 0.25% in line with bearish futures markets throughout the day.