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What happened in Borsa Istanbul last week?

After the earthquakes centered in Kahramanmaraş that affected our country deeply, the developments in Borsa Istanbul depressed the morale. Regarding cement…

What happened in Borsa Istanbul last week?

After the earthquakes that took place in the first hours of Monday morning, painful losses began to be experienced in our country. In the meantime, various developments in the stock market noticed by the citizens. While Turkey was following the news closely with all its demoralization, there was a serious decline in the stock market.

Regarding this, the Capital Markets Board (SPK) Chairman İbrahim Ömer Gönül stated that the citizens tried to panic from the social media accounts in the fall in the stock market last week and said, "We also impose penalties on those who mislead the investor on social media. There are many accounts under investigation."

In addition, some opportunists, considering the intense demand for cement, loaded on cement companies' shares and the shares increased by 10%. On Tuesday, all the shares started to fall and Borsa İstanbul applied circuit breakers twice. Due to low volumes, the stock market made a base again.

In the statement made by Borsa Istanbul, it was stated that the transactions were suspended. Official statement said, “It has been decided to cancel all transactions carried out on February 8, 2023 in accordance with paragraph 1-c of Article 33 of the BİAŞ Regulation titled “Cancellation of Orders and Transactions by the Exchange”. The stock market will be closed for 5 working days until the evening of February 14. According to information from market representatives, it is said that 400 thousand of the 4.5 million investors in the stock market are in the earthquake-affected region.

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