Sharpest drop in BIST 100 since May

The BIST 100 index at Borsa İstanbul faced intense selling pressure following developments in the fund market. The index lost more than 5 percent of its value during the day, falling to the 13,000-point level.

With this movement, the BIST 100 recorded its sharpest daily decline since May. It was observed that the sell-offs were concentrated particularly in banking and industrial stocks.

While developments regarding the fund market are being closely monitored in the markets, analysts state that concerns in this area are influential in the decline. It is noted that losses accelerated as stop-loss orders were triggered.

Prior to the sharp wave of selling, Pusula Portföy had notified the Public Disclosure Platform (KAP) that a default had occurred in certain investment funds. Following this announcement, the risk perception regarding the fund market also created pressure on the stock exchange side.

As of 11:00 AM, the BIST Industrial Index fell by 5.13 percent to 18,453 points, while the BIST Banking Index dropped by 4.92 percent to 15,385.69 points.

Losses were also notable in other sector indices. The BIST Information Technology Index declined by 6.36 percent, the BIST Forestry, Paper and Printing Index by 6.92 percent, the BIST Metal Products and Machinery Index by 6.39 percent, and the BIST Construction Index by 6.12 percent.

While the BIST Chemicals, Petroleum and Plastics Index fell by 4.63 percent and the BIST Financial Leasing and Factoring Index by 4.03 percent, selling pressure also continued in the food, real estate investment trust, electricity, and metal main indices.

News Source: 12punto