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Türkiye's stock exchange, Borsa Istanbul, posted strong gains on Monday as the benchmark BIST 100 index rose over 3% after a court postponed the lawsuit seeking to annul the main opposition Republican People’s Party (CHP)’s upcoming congress.
The BIST 100 had surged 3.6% following the news, reaching 9,745.8 points by 1:00 p.m. local time (GMT+3). The index rose 340.91 points from the previous close, with total trading volume hitting ₺75.3 billion ($1.89 billion).
Banking stocks led the rally with a sharp 6.85% gain, followed by a 3.04% rise in the holding index. Among sectoral indices, banking delivered the strongest performance, while mining was the only group to post a loss, edging down by just 0.01%.
The gains came after a court decision to postpone the lawsuit aimed at annulling the main opposition Republican People’s Party (CHP)’s upcoming congress. The news was welcomed by investors, who interpreted the delay as a sign of short-term political stability.
From a technical standpoint, analysts highlighted 9,800 and 9,900 points as key resistance levels for the BIST 100 index, while 9,600 and 9,500 points were cited as near-term support.
Meanwhile, fresh macroeconomic data released on Monday showed a slight improvement in the labor market. Türkiye’s unemployment rate declined to 8.4% in May from 8.6% the previous month. On the trade front, the country’s foreign trade deficit stood at $6.64 billion during the same period, with the export-to-import coverage ratio improving to 78.9%.
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