While the BIST 100 index increased by 241.43 points compared to the previous close, the total transaction volume stood at TL 96.6 billion.
The banking index gained 0.34 percent and the holding index gained 5.48 percent. While all sector indices rose, transportation was the highest earner with 6.47 percent.
The Central Bank of the Republic of Turkey (CBRT) Monetary Policy Committee (PPK) increased the one-week repo auction rate, which is the policy rate, by 650 basis points to 15 percent. The CBRT announcement stated, “The Board decided to start the monetary tightening process in order to establish disinflation as soon as possible, to anchor inflation expectations, and to control the deterioration in pricing behavior.”
The Bank of England (BoE), on the other hand, increased the policy rate by 50 basis points from 4.50 percent to 5 percent.
BoE Chairman Andrew Bailey, regarding the interest rate decision, stated that the economy is performing better than expected but inflation is still very high. “We are committed to our target of reducing inflation to 2 percent and we will take the necessary steps to achieve that,” he said.
Analysts stated that a negative course was followed in global stock markets with the “hawk” statements of the US Federal Reserve (Fed) Chairman Jerome Powell, as well as the BoE’s increase in policy rates by 50 basis points and the statements of BoE Chairman Bailey. It was noted that there was a positive divergence.
Analysts, who stated that the economic confidence index, foreign trade balance, and the Purchasing Managers’ Index (PMI) for the manufacturing industry and services sector to be announced in the USA and Europe will be announced tomorrow in the domestic market, and that inflation will be followed in Japan, technically stated that the level of 5.250 in the BIST 100 index. support noted at 5,500 points resistance position.
