The Turkish stock exchange, Borsa Istanbul, faced controversy for remaining open after the devastating earthquake centred in Kahramanmaraş, which resulted in heavy losses. As a result, the exchange has been closed and all transactions made on February 8th have been cancelled. The stock market will remain inactive for the next five working days, a decision that is a first in the history of the Republic.
As Turkey was hit by two devastating earthquakes with magnitudes of 7.7 and 7.6 centred in Kahramanmaraş, the fact that Borsa Istanbul remained open has caused controversy. The drop in the stock exchange over the last three days broke records, causing significant frustration and distress among investors and companies, as noted by analysts.
Closed Until February 14 Due to Earthquake
Following the significant losses, Borsa İstanbul has decided to halt trading in the equity market, futures and options market, as well as equity index derivatives markets. Borsa Istanbul announced in a statement at 5.21 pm that all transactions made on February 8 have been canceled, and the stock and VIOP markets will remain closed until the evening of February 14. This annulment decision is a first in the history of the Republic.
Borsa İstanbul was closed for trading immediately after the 1999 earthquake and remained closed for 7 working days.
It Was Cut Twice
Due to the significant drop in the value of Borsa Istanbul, the circuit breakers were triggered twice today. The third trading day of the week for Borsa Istanbul began with a modest decrease, with the index dropping 0.52 percent to 4,482 points at the start.
However, the losses worsened, causing the stock market to shut down at 10.12 am. While trading resumed at 10.42 am, the decline continued, closing the stock market again. Borsa İstanbul was officially announced to be closed for trading at 11.01 am.
The BIST 100 index saw a 7.09% drop in recent trading, standing at 4,186 points. The banking index also saw a 6.03% decrease, currently at 3,464 points.
In terms of technical analysis, 4,400 and 4,500 levels in the BIST 100 index are considered as support, while 4,750 points serve as resistance.
The BIST 100 index ended the day at 4,505 points with a decline of 8.62%. This marks the steepest drop in the stock market since March 22, 2021.
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