Turkey's BIST 100 was on course for its sixth consecutive weekly decline on October 23, 2026, as a fund scandal overshadowed a broad stock-market sell-off. The benchmark was down 1.6% at 11,092 points in the latest update, after falling as much as 4.6% during the session. A sixth weekly loss would mark its longest losing streak since the 2008 financial crisis.
Key Takeaways
- The sixth weekly decline was still prospective, not a confirmed closing result.
- Selling was widespread, with 95 of the benchmark's 100 constituents falling.
- An official investigation into unusual fund and share movements preceded September fund-liquidation decisions.
Table of Contents
- BIST 100 selling extends across the market
- Fund investigation provides the backdrop
- Turkish losses sit alongside emerging-market weakness
- Conclusion
BIST 100 selling extends across the market
The benchmark had erased all its gains for the year. Friday's decline affected almost every constituent, with steelmaker Eregli Demir ve Celik Fabrikalari and telecom operator Turkcell among the notable fallers.
The latest reading was above the session's worst level, but the breadth of losses showed that the retreat was not confined to a handful of large companies. The daily decline and the prospective six-week losing streak describe different periods; neither should be treated as a final weekly result before trading closes.
| Item | Details |
|---|---|
| BIST 100 drawdown | Approximately 27% below its 52-week high. |
| Istanbul All Shares Index | Nearly 30% lower since the fund scandal spread in September. |
| MSCI Emerging Markets Index | On course for a 2.7% weekly decline. |
Fund investigation provides the backdrop
The fund scandal had spread through the financial market since September, unsettling investors as share prices declined. The existence of an investigation and liquidation decisions is documented officially, but those records do not establish how much of the market's fall was caused by the scandal.
The Justice Ministry's October 8 investigation timeline states that Istanbul prosecutors requested information and documents from the Capital Markets Board on August 19 after detecting unusual movements in certain funds and shares. Decisions to liquidate funds followed on September 17.
That chronology separates the start of the investigative process from the later liquidation decisions. It also makes clear that the inquiry was already under way before the September developments that became a focus for investors.
Turkish losses sit alongside emerging-market weakness
The Turkish sell-off coincided with weakness across emerging-market equities. The MSCI Emerging Markets Index was also expected to finish the week lower, although that broader move does not establish a common cause for Turkey's decline.
The figures below cover different benchmarks and time frames. The BIST 100's distance from its annual peak measures a drawdown, while the broader Istanbul index's decline relates to the period since September and the MSCI figure describes the current week.
Conclusion
The next point to watch was Friday's closing level, which would determine whether the BIST 100 completed a sixth consecutive weekly loss. The latest figures showed widespread selling, but remained a trading update rather than a confirmed weekly outcome.
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