Istanbul stocks see worst week since 2008 as Nasdaq-listed Turkish firms tumble
File photo shows a trader monitoring market movements inside Borsa Istanbul’s trading floor in Istanbul, Türkiye, accessed on Mar. 22, 2025. (AA Photo)
Borsa Istanbul closed the week with a steep decline in its benchmark BIST 100 index, which plummeted by 16.57%—from Monday’s opening at 10,869 to Friday’s close at 9,044.64. The index suffered a 7.81% daily loss on Friday alone, marking its worst weekly performance since the 2008 global financial crisis.
The downturn also affected Turkish companies listed on the tech-heavy U.S. Nasdaq exchange. Scooter-sharing company Marti (MRT), e-commerce giant Hepsiburada (HEPS), and Türkiye’s largest telecommunications firm Turkcell (TKC) all experienced significant declines.
Shares of Marti and Hepsiburada fell over 11%, while Turkcell plunged more than 22% over the week.
Banking index leads decline on BIST 100
On Friday, the BIST 100 index fluctuated between an intraday low of 8,984.54 and a high of 9,758.53. Trading was twice halted temporarily by circuit breakers amid heightened volatility.
The banking sector bore the brunt of the sell-off, with the banking index plunging 26.7% over the week, leading losses across all sectors.
Compared to the previous close, the banking index plummeted by 9.54%, the financials index dropped by 7.93%, the services index fell 7.73%, the industrials index declined 6.88%, and the technology index lost 5.53%.
Of the 100 stocks listed on the BIST 100, only three posted gains, while 97 declined. The most actively traded stocks were national flag carrier Turkish Airlines (THYAO), private lenders Akbank (AKBNK) and Yapi Kredi Bank (YKBNK), consumer goods retailer BIM (BIMAS), and defense contractor Aselsan (ASELS).
The total trading volume on Friday reached ₺162.2 billion (approximately $4.28 billion), with the total market capitalization of the BIST 100 standing at ₺8.12 trillion.
Approximately $66.6 billion was wiped off the total market capitalization of companies listed on Borsa Istanbul over the week, with the BIST’s total market value falling from $410.3 billion on Mar. 18 to $343.6 billion as of Mar 21.
As of the market close on Friday, the U.S. dollar was trading at ₺37.9200, the euro at ₺41.0910, and the British pound at ₺49.0125.
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