Global market rout hits Istanbul stocks, BIST 100 opens week with sharp losses
File photo shows the interior of Borsa İstanbul headquarters, Türkiye's stock exchange, with multiple digital screens displaying market data and branding in Istanbul, Türkiye, accessed on Nov. 2024. (AA Photo)
The major sell-off wave fueled by escalating trade tensions spread to Istanbul stocks, with the benchmark BIST 100 Index opening the day down 2.8%.
The rout across global markets, triggered by U.S. President Donald Trump’s newly announced reciprocal tariffs, intensified at the start of the week as China hit back with its own measures, including a matching 34% tariff on U.S. imports, export restrictions, and sanctions on 27 American companies.
In Türkiye, the BIST 100 Index opened sharply lower, falling 262.45 points, or 2.80%, to 9,117.38.
The banking index led the decline, down 3.61%, while the holding index dropped 2.80%. All sector indices fell at the opening, with banking stocks posting the steepest losses.
Analysts noted that, technically, the BIST 100 Index has support at the 9,100 and 9,000 levels, with resistance seen at 9,200 and 9,300 points.
The market slump followed a renewed wave of losses that began last week. Asian stocks posted steep declines, marking the worst day for equities since the pandemic—led by Hong Kong, where the Hang Seng Index fell more than 13%. Japan’s Nikkei lost over 6%, while China’s Shanghai Composite Index declined more than 7%.
The sharp declines in Asia spilled over into Europe, where markets opened in freefall.
Frankfurt’s DAX led the losses with a drop of up to 10%, followed by Paris down more than 6%, London nearly 6%, Amsterdam and Oslo over 5%, and Milan more than 3%.
