Political crisis causes sharp drop in stock market

The Istanbul 45th Civil Court of First Instance's acceptance of the request to halt the CHP Istanbul Extraordinary Provincial Congress caused a significant drop in Borsa Istanbul. The BIST 100 index fell from 11,352 points to 11,133 points. Losses in the banking index approached 3 percent. Recently, Borsa Istanbul's sensitivity to political developments has increased.

In a letter sent to the Istanbul Governorship and the Sarıyer First District Election Board Presidency, the court stated that the provincial congress elections were contrary to the injunction previously issued by the court. With this decision becoming public, a rapid decline occurred in the BIST 100 index.

CHP Treasurer and Istanbul Deputy Özgür Karabat criticized the judiciary's impact on the economy in a statement made via social media. Karabat stated, "The judiciary under AKP control is creating a major tutelage over the economy. Reserves are being sold through unlawful judicial decisions, and sudden movements are occurring in the stock market. Sharp sell-offs occurred in the stock market due to judicial intervention in the Istanbul congress. Who bought the shares at low levels? Who sold them when the stock market started to rise? Who signed off on this profiteering within half an hour?"

News Source: 12punto