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Borsa Istanbul Stock Index Closes Over 2% Lower, Price Nears 100-DMA

TURKEY
  • The Borsa Istanbul stock index shed 2.61% Monday, placing the index within close proximity to the 100-DMA which limited losses at the beginning of the month.
  • The index closed at 7568.30, while the aforementioned average intersects at 7476.48. Price remains below 7750 which Ekonomi’s banking sector “experts” have previously mentioned as a key support level.
  • The banking sector index also exhibited deep losses, falling 3.25% on the day to closely match the November and September lows around 7360. A break could signal scope for deeper losses below 7000.

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