Stock market fell in the first half of the day

BIST 100 index in Borsa Istanbul lost 0.08 percent in the first half of the day, falling to 10,863.09 points.

BIST 100 index, which was in a downward trend in the first half of the day, decreased by 8.40 points compared to the previous close at 13:00 and fell to 10,863.09 points. Total transaction volume was 36 billion liras.

The banking index lost 0.10 percent and the holding index lost 0.35 percent.

Among the sector indices, the one that gained the most was communications with 0.81 percent, while the one that fell the most was insurance with 2.90 percent.

Analysts stated that the search for direction in global stock markets continues with mixed signals received from the data announced in the US yesterday, and that the slowdown in selling pressure in technology stocks is noteworthy.

The US economy grew by 2.8 percent in the second quarter of this year, above expectations, and the growth data supports the US Federal Reserve’s (Fed) prediction that it can end the fight against inflation with a “soft landing” and that it will not harm the economy.

However, the number of times the Fed will cut interest rates this year continues to be one of the main agenda items that preoccupies investors. Pricing in money markets indicates that the Bank is expected to cut interest rates 3 times starting in September.

Analysts reported that the data agenda would be calm in the afternoon, and that personal consumption expenditures, personal incomes and expenditures in the US and the University of Michigan consumer confidence index data would be followed abroad, and noted that technically, 10,800 and 10,700 points were support and 11,000 points were resistance in the BIST 100 index.