Istanbul Stock Exchange Drops 7% as Turkish Lira Hits Record Low Against Dollar
The BIST 100, Istanbul’s main stock index, plunged 7% at the opening session on Wednesday amid escalating political tensions following the arrest of Istanbul Mayor Ekrem İmamoğlu.
According to “TurkiyeToday”, the BIST 100 index dropped 741.75 points (6.87%) from its previous close, reaching 10,060.48 points, triggering an automatic trading halt.
All sector indices recorded losses, with the telecommunications sector suffering the most, falling 7.56%. The banking sector index declined 7.02%, while holding company stocks lost 6.69%.
The Turkish lira also depreciated by 2%, hitting a record low of 42 lira per U.S. dollar, compared to 36 lira at yesterday’s close.
Turkish authorities have issued an arrest warrant for Istanbul Mayor Ekrem İmamoğlu and over 100 other individuals while also revoking his university degree, a move that could disqualify him from running in the next presidential elections.
