BIST 100 falls 2.74% and breaks below 13,000
Borsa Istanbul closed at 12,888 on fund-market worries and rising US bond yields. Every sector index fell.
The day
The BIST 100 closed September 24 down 2.74%, or 363.52 points, at 12,888, breaking below the psychological 13,000 level. Volume was 110.6 billion lira. The banking index fell 3.06% and the holding index 3.87%. Every sector index declined, with financial leasing and factoring the worst at minus 8.85%.
Why
Two forces drove the selling. At home, fund-market developments that began with the liquidation of 131 funds kept liquidity worries alive. Abroad, rising US bond yields weakened global risk appetite.
The next day
The index closed September 25 up a modest 0.08% at 12,898, trading between 12,840 and 12,996 during the day. The holding index fell 1.29%, while mining led with a 2.16% gain.