‘Breathless’ rally from technology stocks in BIST 100

While the BIST 100 index in Borsa Istanbul continued to renew records, the technology index also saw the historical peak accompanied by the BIST 100 index.

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Despite the ongoing uncertainty about when central banks around the world will start to cut interest rates, historical peaks are being tested in stock markets. Especially in the New York Stock Exchange, the performance of technology stocks in the indices attracted attention, while the California-based chip maker Nvidia’s profit announcement last week, which exceeded expectations in the last quarter, increased the risk appetite in stock markets around the world.

Analysts said that technology companies operating in the field of semiconductor chips and artificial intelligence are expected to have an impact on the direction of the markets in the coming periods under the leadership of Nvidia.

Some companies rose by 75 per cent

The BIST 100 index in Borsa Istanbul, which reached a historical peak with 9,450.48 points with these developments, has surpassed the world’s major indices with a return of more than 23 percent since the beginning of the year.

The technology index, which has gained more than 75 per cent since the beginning of the year, also reached a historical peak with 17,031.65 points. Analysts stated that the interest in TL assets in global markets is increasing and this has an impact on the performance of assets.

BIST outperformed the New York Stock Exchange

Looking at the performances compared to the beginning of the year, BIST Technology companies surpassed the leading technology companies on the New York Stock Exchange in terms of return. Among the companies in the technology index, Fonet Information Technologies, Kafein Software and Reeder have delighted their investors the most since the beginning of the year.

In this period, Fonet Information Technologies’ shares increased by 366 per cent, Kafein Software’s shares increased by 238 per cent and Reeder’s shares increased by 217 per cent.

Looking at the performance of technology companies on the New York stock exchange since the beginning of the year, Nvidia earned 59.7 percent, Amazon 15 percent, Meta 36 percent, Broadcom 17.3 percent, Tesla 19.8 percent, Alphabet 1.5 percent.

The total market capitalisation of 34 companies included in the BIST Technology index exceeded 629 billion liras. Technology companies with the highest market capitalisation were ASELSAN with 296.6 billion liras, Reeder with 65.4 billion liras and Mia Teknoloji with 40.2 billion liras.


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