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Istanbul bourse suspends trading after main index drops 7 percent

Variety

08-02-2023 | 06:05

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Istanbul bourse suspends trading after main index drops 7 percent

Turkey's Borsa Istanbul suspended trading on its equity and derivatives markets after two market-wide circuit breakers failed to stop a slide in the main index, which fell 7 percent within the first hour of trading.

"Trading in Equity Market and Single Stock & Index Futures and Options Contracts in the Derivatives Market has been suspended," it said in a statement.

The stock market operator did not say when trade would resume.

The first market-wide circuit breaker was issued within minutes of opening on Wednesday after the benchmark index (.XU100) dropped 5 percent, continuing losses after a devastating earthquake in the south of the country on Monday.

The benchmark BIST-100 index opened down 0.52 percent and was suspended at 7.09 percent down, while the banking sub-index (.XBANK) was down 6.03 percent as trading was suspended.

The death toll of Monday's earthquakes in Turkey rose to 7,108 on Wednesday morning, the Disaster Management Authority (AFAD) said.

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