The BIST 100 index on Borsa Istanbul fell 186.31 points from the previous close, ending the day in negative territory. Total trading volume reached 173.5 billion lira.
The banking index lost 3.17%, while the holding index rose 0.34%. Among sector indices, financial leasing and factoring gained the most, up 1.03%, while mining was the biggest loser, falling 4.16%.
Global Markets Under Pressure
A selling pressure dominated global markets ahead of the US Federal Reserve's (Fed) monetary policy decision later today and escalating geopolitical tensions in the Middle East.
Airstrikes by the US and Saudi Arabia in Iraq, along with Iran's ballistic missile attack on US forces in the Middle East, raised regional tensions. US President Donald Trump said they would strike Iran "very hard" in response to attacks on US forces in Jordan.
Concerns are growing that rising tensions could push up energy costs and put renewed pressure on inflation.
Fed Rate Decision Awaited
Investors are focused on the Fed's rate decision due today. Money markets are largely pricing in that the Fed will hold its policy rate in the 3.50-3.75% range, though the possibility of a rate hike continues to be priced in.
Analysts' Expectations
Analysts noted that markets will also follow a busy data calendar tomorrow in addition to the Fed's rate decision. Key highlights include:
- Domestic unemployment rate and economic confidence index
- Growth data from Germany, the US and the Eurozone
- Bank of England (BoE) interest rate decision
From a technical perspective, for the BIST 100 index, 13,400 and 13,300 points are support levels, while 13,600 and 13,700 are resistance levels.
