Political Instability Hits Turkey's Stock Market

Turkey's premier stock index, the BIST 100, experienced a significant downturn on Wednesday, plummeting more than 8%. This dramatic drop comes amidst growing political tensions following the arrest of Istanbul Mayor Ekrem Imamoglu.

Arrest of a Key Political Figure

Ekrem Imamoglu, a prominent member of the Republican People's Party (CHP) and a potential candidate for the 2028 presidential elections, was detained over allegations related to corruption and terrorism. Imamoglu, who is seen as a major rival to Turkish President Recep Tayyip Erdogan, has also faced the revocation of his university degree. CHP Chairman Ozgur Ozel has criticized the arrest, labeling it as an attempt to influence the outcome of the next presidential election.

Market Reaction

The BIST 100 index fell sharply, losing 8.11% or 875 points by 1:29 pm CET, reflecting investor concerns over the political situation.