Investor panic swept through the Borsa Istanbul on Sept. 16 after a Turkish asset manager failed to meet redemption requests, causing the main stock index to halt trading automatically. The BIST 100 fell 6%, with nearly every stock in the index declining during the session. These losses reflect liquidity concerns after several money market funds reported an inability to fulfill withdrawal requests.

The BIST 100 is on track for its biggest 2 day decline since March 2025, with a total loss of more than 11% over the last 6 days. This volatility extended to global Turkey ETF shares as fears of a broader liquidity crisis spread through the nation's fund industry.