In Borsa Istanbul, the decline reached 5% in the BIST 100 index. Following the rapid drop, the circuit breaker mechanism was activated, halting all transactions.

There is continued selling pressure in the markets following the detention of Istanbul Metropolitan Municipality (IBB) Mayor Ekrem Imamoglu.

The drop in the BIST 100 index in Borsa Istanbul reached 5% today.

Following the rapid decline in BIST 100, as of 10:52 am, the circuit breaker system was activated. All transactions in the stock market were temporarily stopped. Trading will resume at 11:22 am.

The drop in the BIST 100 index has reached close to 15% this week. Bank shares led the decline. Losses in the BIST banking index exceeded 25%.

MEASURES AGAINST MARKET VOLATILITY  
The Central Bank implemented some measures in response to market volatility. TCMB initiated Turkish Lira-settled forward foreign exchange sales transactions and conducted TL deposit auctions at different maturities. In an extraordinary meeting, TCMB raised the overnight borrowing rate by 2 percentage points to 46% to mitigate the impact of sudden movements on inflation. Additionally, one-week repo auctions were temporarily suspended.  

The Capital Markets Board (SPK) also enacted decisions to provide flexibility in companies’ share buyback programs.