After opening 0.57% higher at 8035 points, the Borsa Istanbul 100 index began to decline in the afternoon. By 16:55, the index had plunged 5.01% to 7590 points, triggering circuit breakers.
Borsa Istanbul A.S. announced the temporary suspension of all stock market trading due to the activation of the circuit breaker system linked to the index.
Borsa Istanbul released the following statement: “At 16:49:54, the circuit breaker linked to the index was triggered, halting all Trading in the Equity Market, equity and index-based contracts in the Futures and Options Market (VIOP), and transactions in the Debt Securities Market (BAP) Equity Repo Market. In the equity market, single-price order collection will begin at 17:09:54 for real estate investment trusts, venture capital funds, real estate certificates, and commodity certificates, pairing will begin at 17:14:54, and continuous Trading will begin at 17:19:54. For single-price stocks, order picking will begin at 17:09:54, and continuous Trading will begin at 17:19:54. Trading in warrants, certificates, ETFs, rights coupons and primary orders will resume with continuous Trading from 17:19:54”.
It was noted that Trading in VIOP and BAP Equity Repo will also resume at 17:19:54.
All stock market indices fell today. The banking index, affected by the news, fell more than 5%. The most traded stocks were Turkish Airlines, Borusan Pipe, Eregli Steel, Odas Electric, and Tupras.
The impact of Erdogan’s Hamas remarks
The sharp fluctuations in the stock market today were influenced by President and AKP leader Erdogan’s remarks on Israel and Hamas. He criticized Israel and stated that Hamas is not a terrorist group but rather “a liberation and mujahideen group fighting to protect its land and citizens.
Many countries, including the U.S. and Europe, accuse Hamas of “terrorism,” especially after recent attacks that killed civilians, including over 200 hostages, including children and the elderly.