BREAKING NEWS... Stock market crashes! Trading halted after 5% loss

The sharp decline at Borsa Istanbul continues for the third consecutive day. As the BIST 100 index fell to its lowest level in 4 months, the circuit breaker system was activated after losses exceeded 5%. Following the reopening, the market hit the circuit breaker again with a 7% loss.

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BREAKING NEWS... Stock market crashes! Trading halted after 5% loss

The sharp decline at Borsa Istanbul, which has been ongoing for three days, has pushed the BIST 100 index to its lowest level in 4 months. As losses in the market exceeded 5%, the Index-Linked Circuit Breaker System was activated as of 10:52. This system caused a temporary suspension of trading across all order books and contracts.

Following the reopening, the market hit the circuit breaker again with a 7% loss.

STATEMENT FROM KAP

According to the statement published by Borsa Istanbul on the Public Disclosure Platform (KAP), the Index-Linked Circuit Breaker System was activated as of 10:52:12, and trading at Borsa Istanbul was temporarily suspended.

The statement included the following:

"Trading has been temporarily suspended in all order books in our Exchange's Equity Market, in contracts based on equities and equity indices traded in the Futures and Options Market, and in the Equity Repo Market of the Debt Securities Market."

MAJOR COLLAPSE IN THE BANKING SECTOR

The decline in the banking index is deepening. While the index started the day with a 0.92% loss, the decline exceeded 8% in the following hours. At these moments, the banking index is at 12,622 points with a 7.67% decrease.

The BIST 100 index, which followed a sell-heavy trend domestically yesterday, closed the day at 9,810 points with a 0.50% loss.

SHORT SELLING DECISION FOR BIST 100 AT BORSA ISTANBUL

On the other hand, Borsa Istanbul has decided to implement the uptick rule for short selling transactions in stocks included in the BIST 50 index for today's session, valid for 1 day. With today's decision, the rule in question has been applied for 4 consecutive trading weeks.

SUDDEN DECISION FROM THE CENTRAL BANK

Yesterday, the Monetary Policy Committee (MPC) of the Central Bank of the Republic of Turkey (TCMB), in an interim meeting, raised the overnight lending interest rate to 46%, while keeping the one-week repo auction interest rate at 42.5% and the Central Bank's overnight borrowing interest rate at 41%.

News Source: 12punto