Stock market suffers sharpest loss in 18 years as TRY 4.5 trillion wiped out

The total market capitalization of companies in the BIST All Share Index fell 20% in a single month, wiping out approximately TRY 4.5 trillion in value. This marked the steepest monthly decline since the 22.5% drop recorded in October 2008. In dollar terms, the decline reached 22.5%, the largest since August 2018.

The sell-off was not limited to companies named in investigations into alleged fund and stock manipulation, but spread across the broader market. The total market value of BIST 100 companies also fell 16% in lira terms in September, marking their sharpest monthly decline since 2008. The dollar-based loss in the market value of BIST All Share companies was approximately $96 billion, while BIST 100 companies lost around $27 billion.