The stock market ended the day with a decline following the Fed’s interest rate announcement.

Retail sales in the euro area rose 0.3 percent in January compared to the previous month, but fell short of forecasts.

While the BIST 100 index decreased by 10.41 points compared to the previous close, the total transaction volume was realized at the level of 94.2 billion liras.

The banking index lost 0.37 percent and the holding index 0.41 percent. Among the sector indices, sports with 4.15 percent gained the most, and stone and soil were the ones that lost the most with 2.16 percent.

Interest rate may be higher than expected

Federal Reserve Chairman Jerome Powell stated that the final level of interest rates is likely to be higher than expected.

Analysts stated that the risk appetite in the markets decreased with Powell’s statements and emphasized that the statements that Jerome Powell will continue in the US Senate tomorrow will be at the center of the markets.

Uncertainties persist

Emphasizing that the Fed is expected to increase interest rates by 25 basis points in the next 3 meetings, analysts said that the uncertainties regarding the steps to be taken at the July meeting continue.

Lagarde’s statements will also be in the focus of the markets

Analysts also stated that the statements of the European Central Bank (ECB) President Christine Lagarde will be at the center of the markets, and the data agenda includes ADP private sector employment in the USA, foreign trade balance, growth in the Euro Area, industrial production and retail in Germany. He said that the current account balance in Japan will come to the fore with sales.

Analysts reported that technically, 5.340 and 5200 levels in the BIST 100 index are in the support position, and 5.500 and 5.600 points are in the resistance position.

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