The decrease in the BIST 100 index reached 7% at Borsa Istanbul. Following the rapid decline, the circuit breaker mechanism was activated for the second time, halting all transactions.

Pressure on the markets persists after Istanbul Metropolitan Municipality Mayor Ekrem Imamoglu was taken into custody.

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

After the rapid decline in the BIST 100, the circuit breaker system was activated at 10:52. All transactions in the stock market were temporarily suspended.

Following the transactions that started at 11:22, the decline continued and exceeded 7%. Consequently, the circuit breaker mechanism was activated for the second time.

Bank shares led the decline with an 8% drop. Losses in the BIST banking index have exceeded 25% this week.

PRECAUTIONS AGAINST MARKET VOLATILITY
The Central Bank implemented some measures in response to market volatility. The CBRT commenced Turkish Lira-settled forward foreign exchange sales, conducted TL deposit auctions at various maturities. In an extraordinary meeting, the CBRT increased the overnight borrowing interest rate by 2 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) introduced decisions to provide flexibility in companies’ share buyback programs.