Analysis
Smart, independent reporting on Turkey's politics, economy and foreign affairs.
Selling pressure intensified on Istanbul’s stock exchange today following a court ruling of "absolute nullity" regarding the main opposition CHP congress. The benchmark BIST 100 index plunged over 6%, triggering a market-wide circuit breaker. The banking index took an even heavier hit, dropping more than 8% to close at 13,163 points.
On Feb. 23, four separate courts in Istanbul and Ankara heard cases involving the CHP congress, corruption claims by businessperson and confessor Aziz İhsan Aktaş, accusations about its provincial chair, and the trial of a party bus driver.
Following the cancellation on Sept. 2 of the CHP Istanbul Provincial Congress, losses on the Istanbul Stock Exchange exceeded 5% within the day. The banking index dropped by more than 8% before rebounding.