The main index of the Türkiye’s stock exchange saw a significant decline on Friday, closing 7.8% lower on the third day of protests over Ekrem Imamoglu’s detention as mayor of Istanbul.
A few days before he was scheduled to be announced as the CHP party’s nominee for the 2028 presidential election, the 53-year-old mayor, Erdogan’s primary political opponent, was arrested on Wednesday.
Imamoglu’s arrest on charges of “corruption” and ties to a “terrorist organisation” had already caused the BIST 100 to drop 8.7 per cent on Wednesday.
Trading was halted twice in the morning on Friday due to a steep decline, although the impact was just a 0.5% down on Thursday.
During Friday trade, the index dropped more than 16.5 per cent over five days, breaking below 9,000 points for the first time since early November.
International institutions, such as the European Union, have voiced their concerns, while Imamoglu’s party has condemned his detention as a “coup.”
President Recep Tayyip Erdogan condemned the protests on Friday as “street terror,” as they also spurred protests in the streets.
