Turkey’s stock market saw a steep decline after a court decision removed the leadership of the Republican People’s Party (CHP) in İstanbul, prompting panic selling among investors.
The BIST 100 Index on Borsa İstanbul dropped 5.52%, falling below the 11,000-point mark to close at 10,671. Trading in major stocks, including Koç Holding and top banks, was temporarily halted after sharp losses triggered automatic circuit breakers.
The sell-off followed a ruling by the İstanbul 45th Civil Court of First Instance, which annulled the results of the CHP’s İstanbul provincial congress held in Oct 2023 and suspended the provincial leadership.
Borsa İstanbul issued a statement saying that the up-tick rule would be enforced for all short-selling transactions in eligible equities for the remainder of the trading session.
"As of 15.40.03, due to a 2% change in the BIST 100 Index, the up-tick rule will be applied to short-selling transactions in eligible equities in the Equity Market until the end of the session," the exchange announced.
Koç Holding shares dropped 4.78% before being suspended. Shares in Akbank and İş Bank also fell nearly 5% before trading was paused. (NÖ/VK)
