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Türkiye’s stock exchange, Borsa Istanbul, posted steep losses as the BIST 100 index fell by over 2% on Wednesday, following reports that Israeli warplanes targeted Syria’s Ministry of Defense compound in Damascus, triggering renewed concerns over regional instability.
Banking stocks led the losses with a decline of over 3%, as growing fears of regional instability prompted major sell-offs amid concerns that the Turkish central bank may delay a potential interest rate cut at its July meeting.
As of 2:10 p.m. local time (GMT+3), the index narrowed its losses to 1.3%, reaching 10,092.36 points. On June 30, it posted its strongest one-day gain since March 2023, surging from the 9,400 level to approach the 10,000-point threshold.
After starting the week in negative territory, the index fell 1.28% on Monday to 10,225.48 points, with a daily trading volume of ₺88.8 billion ($2.2 billion). The exchange remained closed on Tuesday in observance of July 15 Democracy and National Unity Day.
While global markets do not respond to the Israeli airstrikes on Syria, Borsa Istanbul stands out as the only major exchange pricing in the event with notable losses.
During that time, even Israel's Tel Aviv Exchange's benchmark gained over 1.2% to 6,325 points.
In the U.S., Wall Street edged slightly higher after Tuesday’s modest losses, with the Dow Jones up 0.1% at 44,077.29, the S&P 500 also rising 0.1% to 6,250.78, and the Nasdaq Composite flat at 20,680.96 about 15 minutes into trading.
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