Türkiye’s benchmark BIST 100 stock index fell 16.65% in September, entered a bear market and recorded its worst monthly performance since 2008.
The index closed Sept. 30 down 2.79% at 11,947.18 points and finished more than 20% below its May 11 record, according to market data and a Reuters report.
Redemptions from investment funds intensified the sell-off because many of the funds held shares with limited liquidity. An index tracking companies outside the BIST 100 dropped about 35% in September, while the BIST 30 index of the largest companies lost 9.8%.
Regulator Orders 131 Funds Liquidated
Türkiye’s Capital Markets Board ordered the liquidation of 131 funds managed by seven portfolio companies. The affected funds served 455,758 individual investors and held more than $20 billion in assets.
The regulator cited abnormal price movements that did not match companies’ financial performance and the risk of market manipulation. Turkish authorities have widened an investigation into suspected violations. Justice Minister Yilmaz Tunc said 217 people were under investigation and 56 had been jailed pending trial.
Among 15 shares in the group of BIST 100 companies outside the largest 30, monthly losses ranged from 50% to 90%. The scale of the decline has deepened risks for retail investors and increased pressure on confidence in Türkiye’s capital markets.
Original VB report: Vesti Baku