Istanbul, Turkey – As a result of the horrific earthquake that struck Turkey on Tuesday, the benchmark BIST-100 index dropped roughly 5 percent. The earthquake led in the suspension of trading for dozens of equities, including those of significant corporations such as Yapi Kredi, Koza Altin, and Migros.
The BIST-100 and the banking sub-index fell 4.7% and 4%, respectively, while trading volume remained at 21 billion lira, a fraction of the previous week’s average. Tuesday’s increase in the leading emerging markets index of more than 1% contrasts with the decline on the Turkish stock market.
The magnitude 7.8 earthquake, which was followed by a somewhat smaller aftershock, caused the destruction of thousands of buildings and injured or displaced tens of thousands of people. On Tuesday, the death toll in Turkey and Syria topped 5,000, with Turkey reporting 3,419 fatalities.
It is unknown how long it will take the market to recover from the losses caused by the tragedy. The government and other groups are striving to aid damaged areas and those in need.
In conclusion, the Turkish earthquake has had a devastating influence on the country’s stock market, resulting in the steep decline of several company shares. The tragedy has led to a massive loss of life and property, and the nation must now rebuild and recover from the devastation.