Technology Index Outshines Gold on Borsa Istanbul
Despite a turbulent year on Borsa Istanbul, one sector has managed to steal the spotlight from gold, long considered the safe haven of investors. Thanks to the exceptional performance of Aselsan, the technology index recorded a real return of 9.21 percent in September 2025, surpassing the 9.06 percent real return of gram gold.
Technology Index Leads the Way
While most indices on Borsa Istanbul closed September in negative territory, pressured by political tensions and global uncertainties, the technology index stood out with strong gains. Gold prices, buoyed by central bank purchases, surged as well, with gram gold rising 11.79 percent nominally and 9.06 percent in real terms. Yet the technology index managed to edge higher with an 11.94 percent nominal increase and a 9.21 percent real return, thanks largely to Aselsan, which makes up nearly 70 percent of the index and jumped more than 18 percent during the month.
Inflation Expectations and Market Trends
Markets are now waiting for the official September inflation data, expected to come in at 2.5 percent. With that estimate, inflation for the first nine months of the year would reach 24.53 percent, with an annual rate of 32.34 percent. Adjusted for inflation, September’s winners were technology, brokerage firms, and initial public offering (IPO) indices, while sports, construction, food, and transportation indices recorded heavy losses.
Aselsan and Other Standouts
Aselsan’s rally propelled the technology index to the top, but other players also stood out. Brokerage firm index soared on the back of Tera Yatırım, which skyrocketed nearly 1,866 percent in the first nine months of 2025, delivering a 61.77 percent real return for the index. The IPO index also impressed, thanks to Destek Faktoring, which climbed about 1,385 percent since its February listing, pushing the index to a 46.46 percent real return.
Gold, Bitcoin, and Other Performances
While gram gold posted a strong 36.92 percent real gain in the first nine months, it lagged behind the top three indices. Bitcoin, meanwhile, delivered a modest 28.38 percent annual real return, placing it in the top 10 but well below leading stock indices. By contrast, sports, insurance, and food indices inflicted the largest real losses on investors.
One-Year Perspective
Over the past year, brokerage, technology, and IPO indices held onto their top spots, with real returns of 97.76 percent, 67.4 percent, and 53.91 percent, respectively. Gold once again delivered solid results, with a 31.83 percent real gain, while real estate and construction indices provided up to 24 percent returns. On the losing side, sports, food, communication, and trade indices dragged portfolios lower, with the banking index also slipping nearly 19 percent.
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