Türkiye’s BIST 100 Soars 6% as Court Delays CHP Annulment Case
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Türkiye’s benchmark stock index, BIST 100, surged 6.06% on Monday to close above 10,800 points, snapping a two-week losing streak after a court decision postponed the main opposition Republican People’s Party (CHP) annulment case to October 24.
The ruling eased immediate political uncertainty, sending relief waves through the market. Banking stocks led the rally, with the liquid banks index climbing over 5%, as investors welcomed a temporary reprieve from heightened political tensions last week.
Banking sector drives rebound
Among sectors, leasing and factoring companies recorded the strongest gains, jumping more than 8%, while real estate investment trusts posted the sharpest decline.
Brokerage houses advanced 2.4%, insurance firms rose 3.8%, and industrials, services, and technology each added around 3.4%–3.5%. The broad financials index climbed over 4%.
Tourism and transportation stocks gained more than 2% and 3%, respectively, while food and beverage companies rose 3%. Textile and leather firms underperformed, with a smaller 1.5% increase.
From weekly losses to a sudden rally
The BIST 100 had opened Monday at 10,357.68 points, down 0.14%, before accelerating higher through the session. On Friday, the index had closed at 10,372.04 points, marking a weekly decline of nearly 3% as earlier rate-cut optimism faded in the face of political risk.
By the end of Monday’s session, the index rebounded sharply, closing above 10,800 points with a trading volume of ₺99 billion ($2.4 billion).
Political uncertainty remains
The lawsuit concerns the annulment of the CHP’s 2023 party congress, in which Ozgur Ozel replaced Kemal Kilicdaroglu as chairman. A ruling in favor of annulment could void the congress and destabilize Türkiye’s political balance, fueling investor unease.
For now, the Ankara court’s decision to delay the ruling has calmed markets. Analysts identified 10,300 and 10,200 points as support levels, while resistance lies at 10,500 and 10,600 points. Investor sentiment is expected to remain highly sensitive to both domestic political developments and the Turkish central bank’s next policy meeting.