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HomeHeadlineErdoğan's Statement Sends Turkish Stock Market into a Tailspin

Erdoğan’s Statement Sends Turkish Stock Market into a Tailspin

President Erdoğan’s recent statement regarding “Hamas” had a dramatic impact on the stock market in Turkey. Following his comments, the Borsa İstanbul (BIST) experienced a sharp decline, with the BIST 100 index losing more than 7% of its value, leading to trading being halted on two occasions.

After President Recep Tayyip Erdoğan, who is both the leader of the Justice and Development Party (AKP) and the President of Turkey, made the assertion that “Hamas is not a terrorist organization but rather a group of fighters and rescuers trying to protect their territory and citizens,” it sent shockwaves through the Borsa İstanbul.

The BIST 100 index saw its decline surpass 5%, triggering an automatic circuit breaker at 4:49 PM local time.

Following the resumption of trading, the market witnessed a decline exceeding 7%, resulting in another trading halt at 5:23 PM. Trading was suspended.

Stocks hit their lower limits, causing concern about the possibility of further accelerated sell-offs.

The trading session for the closing at 6:01 PM local time is set to reopen, but worries about the potential for more rapid sell-offs persist.

Despite two interruptions, the BIST 100 continued to incur losses during the closing session. By the end of the day, the BIST 100 had depreciated by 7.08%, falling to 7,424 points.

The index’s decline to as low as 7,399 during the day is a matter of technical concern.

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