There is a persistent selling pressure in Borsa Istanbul. The BIST 100 index, which triggered circuit breakers twice, tested the 9,000 points mark, hitting its lowest level in four months.

Following the detention of Istanbul Metropolitan Municipality Mayor Ekrem Imamoglu, selling pressure in the markets continues.

In Borsa Istanbul, the BIST 100 index saw a decline of over 7% today, triggering the circuit breaker mechanism twice.

After trading resumed, the BIST 100 saw losses approaching 8%. The index hit its lowest level since November 2024, at 9,038 points. Losses in the index exceeded 15% this week.

Bank shares declined by approximately 10% today. The losses in the BIST banking index surpassed 25% this week.

As of 13:00, the index traded at 9,228.79 points, decreasing by 582.15 points and 5.93% compared to the previous close. The holding index dropped by 5.53%. While all sector indices ended in losses, communication suffered the most with a decline of 9.45%.

CENTRAL BANK TAKES MEASURES AGAINST MARKET VOLATILITY The Central Bank implemented some measures in response to the market volatility. The CBRT initiated Turkish Lira-settled FX forwards transactions and conducted TL deposit auctions at various maturities. In an emergency meeting, the CBRT raised the overnight lending rate by 2 percentage points to 46% to mitigate the impact of sudden movements on inflation. Additionally, one-week repo auctions were temporarily paused.

The Capital Markets Board (SPK) also implemented decisions allowing companies flexibility in share buybacks.