Istanbul Exchange Halts Trading as BIST 100 Index Falls 7.07% and Banking Index Drops 8.73%, Lira Hits 33.38

Trading on the Istanbul Stock Exchange was halted on August 5, 2024, following significant market volatility that saw the BIST 100 index plummet by 7.07% and the banking index decline by 8.73%. This turmoil was exacerbated by the Turkish lira reaching a record low of 33.38 against the U.S. dollar. The exchange triggered circuit breakers to suspend trading as the market experienced severe fluctuations. Other markets in the region also faced declines, with the Russian market down 1.5% and Japan's Nikkei falling by 12.80%. The situation reflects ongoing economic challenges in Turkey, prompting concerns among traders and investors.