Turkey's stock market fell sharply on Wednesday and triggered a market-wide circuit breaker. According to Sina Finance, the Istanbul Stock Exchange 100 Index dropped 6%, prompting the exchange to halt trading across the market.
Only two index constituents rose, while the rest fell. Destek Finans Faktoring AS was the biggest drag on the index, with its shares down 10%.
Trading was set to resume at 4:24 p.m. local time. According to Sina Finance, investors made net redemptions of 55 billion lira from Turkish investment funds on Wednesday, including about 32 billion lira from Tera Portfoy Yonetimi AS and nearly 9.6 billion lira from funds under Pusula Portfoy Yonetimi AS.
Pusula Portfoy said on Tuesday that some of its investment funds and money market funds could not meet investor redemption requests. Tera Yatirim Menkul Degerler, which had agreed to acquire Pusula's portfolio management and securities businesses, said separately that the deal had not been completed and that it was not responsible for the related fund redemptions.