Economy in Turkey: Stock Market Losses Deepen as Bank Shares Plunge Over 6%

The downward trend on Borsa Istanbul continues, with sharp losses in the banking sector leading the fall. Following yesterday’s value decline triggered by the annulment of the CHP Istanbul Provincial Congress, today’s higher-than-expected August inflation data added further pressure.

Banks Lead the Decline

Borsa Istanbul started the third trading day of the week on a slightly negative note but quickly extended its losses. At the opening, the BIST 100 index slipped 0.07 points from the previous close to 10,877. By 10:55 a.m., it was trading at 10,691, down 1.77 percent.

The banking index bore the brunt of the sell-off, tumbling more than 6 percent at its lowest point. As of the latest update, the banking index was still down 5.98 percent, trading at 14,626 points.

Key Technical Levels in Focus

From a technical standpoint, 10,800 and 10,700 points are viewed as key support levels for the BIST 100 index, while resistance stands at 11,000 and 11,100 points.

Yesterday, Borsa Istanbul closed with heavy losses as the BIST 100 dropped 3.57 percent to end the session at 10,877.52.

Global Market Pressures Add to Local Concerns

The sell-off in Turkey is also reflecting broader global market weakness. Investors remain cautious amid rising fiscal concerns in the U.S. and mounting selling pressure on government bonds worldwide, fueling a risk-off mood across international markets.

Meta Description: Borsa Istanbul continues to slide as bank stocks drop over 6%. The BIST 100 index extends losses following the annulment of the CHP Istanbul congress and higher-than-expected August inflation data.

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