Categories: Markets

New trading breaks on the Istanbul Stock Exchange – The dollar / pound exchange rate reaches 18.5

New trading breaks on the Istanbul Stock Exchange – The dollar / pound exchange rate reaches 18.5

LAST UPDATE 18:51

Shares in the Turkish stock market continued their downward trend on Friday and Monday, with the automatic closing mechanism being activated today, as in the last session, after the fall of the general index Borsa Istanbul 100 to -5%, in a climate of collapse of the Turkish lira against the dollar.

Earlier, the index recorded gains of up to 3.1%, while after the break it fell to 8.2%. Trading stopped at 14.50 Greek time and resumed at 15.10 Greek time (16.10 Turkish time), as announced by the Istanbul Stock Exchange.

However, just as the … train of terror was unleashed on Friday, so today, the automatic mechanism of suspension of transactions struck again at 15.20 Greek time, as the BIST 100 had reached a loss of 7% and 20 minutes started again, recording small profits. .

The index reached losses of up to 9.1% on Friday, activating the automatic safety mechanism, in the second largest sell-off of the year. The dip is made worse by the high level of margin calls between Turkish investors who have bought shares with resources they have borrowed, as until recently the Turkish stock market was holding a rally.

The automatic sales mechanisms of these investors “led to cataclysmic losses” on Friday, turning the correction into “panic sales”, reports the Bloomberg agency.

The Turkish pound, moreover, has fallen, now exceeding 18 against the dollar, as on Monday it reached a new all-time low of 18.41 pounds / dollar.

The Turkish Stock Exchange closed with losses of 1.35%, with the BIST 100 recovering to 2,056 points.

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