Istanbul stock exchange plunges 7% at opening session

Borsa Istanbul’s benchmark index BIST 100 plummeted by 7% in the opening session on Wednesday, amid escalated political tension following Istanbul Mayor Ekrem Imamoglu’s detention.

At the opening, the BIST 100 index dropped 741.75 points, or 6.87%, compared to the previous close, falling to 10,060.48 points.

The banking index declined by 7.02%, while the holding index lost 6.69%. All sector indices saw losses, with communication being the hardest hit, plunging 7.56%.

Treasury and Finance Minister Mehmet Simsek addressed market concerns on X, stating that all necessary measures are being taken to maintain stability. “Our economic program continues with determination,” he affirmed.

Stock exchange suspended

Due to losses exceeding 5% in the BIST 100 index at the opening, Borsa Istanbul management triggered the circuit breaker mechanism, resulting in the suspension of all trading activities.

According to a Borsa Istanbul statement submitted to the Turkish Public Disclosure Platform (KAP), trading was temporarily halted due to a circuit breaker and was set to resume following price-matching procedures. As of 7:30 a.m. GMT, trading activities resumed.

As of 8:10 a.m. GMT, the index stood at 10,232.88 with 5.27% losses.

Meanwhile, the Turkish lira also faced significant losses, depreciating over 10% to record lows against major currencies, with gains in the U.S. dollar leading.