Turkey Stock Market
The Borsa Istanbul 100 Index declined 5% to around 1,915 on Monday, extending an 8.5% loss in the previous session as a currency crisis and worsening macroeconomic backdrop led investors to a vast sell-off. The Istanbul stock exchange was forced to halt trading for the second consecutive session, as snowballed losses occurred from high levels of margin calls. Indications of low bank capital ratios combined with plunging lira made investors re-evaluate their positions in the wake of rampant inflation and currency crises. The lira crossed 18 USD to extend all-time lows, after the Central Bank of Turkey slashed its one-week repo auction rate by 100bps to 14% during its December meeting, following a 100bps cut in November, a 200bps cut in October, and a 100bps cut in September. Historically, the Turkey Stock Market (XU100) reached an all time high of 2406.87 in December of 2021. The Istanbul Stock Exchange National 100 Index XU100 is a major stock market index which tracks the performance of 100 companies selected from the National Market, real estate investment trusts and venture capital investment trusts listed on The Istanbul Stock Exchange. It is a capitalization-weighted index. The XU100 has a base value of 1 as of January 1986.