The stock market closed the day with a 3.57 percent loss.

Following the dismissal of the CHP Istanbul administration, the stock market closed the day with a 3.57 percent loss in value.

The Istanbul 45th Civil Court of First Instance canceled the CHP's Istanbul congress on October 8, 2023. Provincial chairman Özgür Çelik and his board were dismissed. A five-person panel, including Gürsel Tekin, was appointed as trustees.

Following the decision, the loss in Borsa Istanbul exceeded 5 percent, and the decline in the banking index exceeded 7 percent.

Due to the decline, the upward step rule was applied in short selling transactions until the end of the session.

Following the decision, the Stock Exchange fell to 10,616.64 points before closing the day at 10,877.52 points.

The stock market started the day at 11,304.45 points.

While the BIST 100 index decreased by 402.4 points compared to the previous close, the total transaction volume reached 208.7 billion lira.

The banking index fell 4.76 percent, and the holding index fell 4.02 percent. Among sector indices, the only gainer was financial leasing factoring, which rose 2.33 percent, while banking was the biggest loser.

According to this rule, short selling can only be done when the stock price rises.

Short selling is the process of selling a stock that an investor does not own, borrowing it, and then buying it back if the price falls, making a profit.

But this rule comes into play to limit short selling, which could accelerate price declines.