Business

The heaviest drop in the last 8 years


BIST Istanbul Stock Exchange 100 Index, the Central Bank of the Republic of Turkey (CBT) completed the first day of trading after a sharp downward change.

Naci Agbal was relieved of his post by the President’s Decree published in the Official Gazette on Thursday. Dr. Shahap Kavcioglu was brought.

According to Bloomberg HT, the BIST 100 index fell 9.79 percent to 1,379 points.

With this decline, the index, the sharpest decline since 2013, erased 2021 gains.

The index-based power cut system was introduced in the index for the first time, starting with hard sales.

In August 2020, the BIST 100 introduced an automatic cutting application against sudden movements.

With today’s move, this application was activated for the first time, trading was suspended twice during the session.

Floor levels were seen in warehouses

Starting the day with a decrease of 6.65 percent, the losses in the BIST 100 index quickly rose above 9.5 percent.

Although losses were slightly reduced in the afternoon, there were still floor levels towards closure.

While the stock market has tough prices, the stock market has warned of illegal short-selling operations in Istanbul.

Borsa Istanbul, the operations carried out in the markets are monitored immediately and continuously within the control activities, stating that investors are warned about illegal short-selling operations.

“There was a historic day at the stock exchange”

Speaking to the world newspaper Marbash Securities Research Manager Yusuf Topcu, said that the stock market is a historic day and strong stocks keep the stock market alive:

“Large stocks such as Tofaş, Vestel, Enka, Sasa and Arçelik have lost 5-8 percent of their value; on such a day, the indicators keep the stock market alive.”

Alnus Investments Research Director Yunus Kaya, speaking to the newspaper, said that the hard sales were due to market risk.

“Today, the best companies lose value close to such a base. You can’t escape from here,” Kaya said.

The exchange rate also started the day with a decrease

On the other hand, there was a volatile day in dollars / TL.

The first quotations on Sunday night saw the exchange rate rise above 16 percent; The exchange rate rose to 8.47.

According to Treasury and Finance Minister Lutfi Elvan, the dollar / TL was seen below 7.70; then the exchange rate rose again.

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