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Türkiye's benchmark stock index, BIST 100, suddenly jumped by over 4% to above 10,800 points, back to its closing level from two weeks earlier, after a court decision delayed the main opposition Republican People’s Party (CHP) annulment case to Oct. 24.
Banking stocks led the surge with gains of over 5% in the liquid banks index, as the decision gave relief to investors after heightened political tensions last week.
Among sectors, leasing and factoring companies recorded the strongest advance, rising more than 8%, while real estate investment trusts posted the sharpest decline.
Brokerage houses gained 2.4%, and insurance firms rose 3.8%. Industrials, services, and technology each added around 3.4% to 3.5%, while the financials index advanced more than 4%.
Tourism and transportation stocks increased by over 2% and 3%, respectively, while food and beverage companies gained 3%. Textile and leather firms posted a smaller 1.5% increase compared to other sectors.
The BIST 100 had opened on Monday at 10,357.68 points, down 0.14%, or 14.36 points.
On Friday, the index closed at 10,372.04 points, marking a 0.1% daily loss, with a transaction volume of ₺99 billion ($2.4 billion).
The lawsuit under review concerns the annulment of the CHP’s party congress in 2023, in which Ozgur Ozel replaced Kemal Kilicdaroglu as chairman.
A ruling in favor of annulment could declare the Congress void, a scenario that has fueled political uncertainty.
The Ankara court postponed the case until late October, easing immediate pressure on markets.
Market analysts pointed to 10,300 and 10,200 points as support levels for the BIST 100, while resistance is seen at 10,500 and 10,600 points, noting that investor sentiment will continue to be shaped by political developments as well as expectations ahead of the Turkish central bank’s next policy meeting.
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