Stock market experienced a decrease in BIST 100 index, dropping by 119.17 points compared to the previous closing, with a total trading volume of 87.1 billion Turkish lira. The banking index lost 1.97 percent, while the holding index depreciated by 1.41 percent. Among sector indices, textile leather gained the most with 1.43 percent, while sports sector recorded the highest decline at 4.51 percent.
Global markets faced selling pressure due to President Donald Trump’s tax cut bill and trade policies, raising uncertainties about the country’s economic outlook. Trump’s tariff threats against the European Union (EU) and Apple also contributed to the increase in selling pressure in global markets. In a post on his Truth Social media account, Trump mentioned that trade negotiations with the EU had not made any progress and proposed a direct tariff of 50 percent on the EU starting from June 1st. He stated, “Therefore, I suggest applying a direct tariff of 50 percent to the EU from June 1st. If a product is established or produced in the US, no customs duty will be imposed.”
Moreover, Trump targeted the American technology giant Apple in another post, reminding Apple CEO Tim Cook that he had previously expected iPhones to be sold in the US, not in India or any other country. Trump stated, “If this is not the case, Apple should pay at least a 25 percent customs duty to the US.” Analysts anticipate a busy week ahead with domestic reports on growth, unemployment rate, financial stability, economic confidence index, and international reports on growth in the US, statements from European Central Bank (ECB) President Christine Lagarde, meeting minutes of the Federal Open Market Committee (FOMC) of the Federal Reserve (Fed), PCE price index in the US, and inflation in Germany. From a technical perspective, BIST 100 index is expected to find support at 9,300 and 9,200 points, with resistance levels at 9,400 and 9,500.
Alright, so the stock market took a hit with the BIST 100 index dropping and trading volume hitting 87.1 billion Turkish lira. The banking and holding indices didn’t fare well either, losing almost 2 percent each. Textile leather was the star of the show, gaining a bit, while sports took a nosedive. Trump’s tariff threats against the EU and Apple didn’t help either, causing some chaos in the global markets. It’s going to be an eventful week with lots of reports coming in, so buckle up and keep an eye on those support and resistance levels for the BIST 100 index. Let’s see how things play out in the coming days.
