The unexpected arrest of Ekrem Imamoglu, a key political opponent of Recep Tayyip Erdogan, just 24 hours before a candidate president of the Republican People’s Party, triggered a massive sell-off on the Stock Exchange at Constantinople.

The Turkish Stock Exchange started the transactions with a strong 6.9%decline, which triggered the Circuit Breaker.

Transactions started again, with the main market index again writing 6.88%, which continued to be reinforced, leading the market to a new break for half an hour this second time, shortly after 11:00 local time (13:00 Greek time).

Sell-off continued until the transactions are completed, resulting in the basic index of the Turkish stock market Bist 100 to complete the session with ‘dip’ 8.72%marking its largest daily decline over four years. The Banking Index, which closed 9.88% lower.

Meanwhile, the news of Imamoglou’s arrest has caused the strong fall of the Turkish pound, which reached up to 12.7% lower and record a new historical low at £ 42 per dollar.

Turkish legally recovered part of its losses afterwards and negotiated At 37.91 pounds a dollar Shortly before 17:30 in Greece, but continuing to record its biggest losses since July 2023.

The relative recovery of the pound was also contributed by the intervention of the country’s central bank, which provided $ 8 to $ 9 billion to support the Turkish currency.

Turkey’s bonds have also suffered severe losses, with the largest decline being recorded in the long -term titles. Indicatively it is reported that the performance of Turkish 10 -year bond scalled by 255 base units and stood at 30.74%.