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Türkiye's Stock Market Hit Hard after Arrest of Istanbul Mayor

Police officers intervene as flames rise from a fire in a dustbin during a protest by students against the detention of Istanbul Mayor Ekrem Imamoglu, in Istanbul, Türkiye, March 21, 2025. (Reuters)
Police officers intervene as flames rise from a fire in a dustbin during a protest by students against the detention of Istanbul Mayor Ekrem Imamoglu, in Istanbul, Türkiye, March 21, 2025. (Reuters)
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Türkiye's Stock Market Hit Hard after Arrest of Istanbul Mayor

Police officers intervene as flames rise from a fire in a dustbin during a protest by students against the detention of Istanbul Mayor Ekrem Imamoglu, in Istanbul, Türkiye, March 21, 2025. (Reuters)
Police officers intervene as flames rise from a fire in a dustbin during a protest by students against the detention of Istanbul Mayor Ekrem Imamoglu, in Istanbul, Türkiye, March 21, 2025. (Reuters)

The Istanbul stock exchange's main index was hit hard on Friday, closing 7.8 percent down on the third day of protests over the arrest of Istanbul mayor Ekrem Imamoglu.

The 53-year-old mayor -- Erdogan's main political rival -- was arrested on Wednesday, days before he was due to be named the CHP party's candidate for the 2028 presidential race.

The BIST 100 had already slipped by 8.7 percent on Wednesday following Imamoglu's arrest over allegations of "corruption" and links to a "terrorist organization".

The damage was limited to a fall of 0.5 percent on Thursday, but faced with a sharp fall on Friday, trading was suspended twice in the morning.

The index fell below 9,000 points during Friday trading for the first time since early November, a fall of more than 16.5 percent over five days.

Imamoglu's party has denounced his arrest as a "coup" and international organizations including the European Union have expressed concern.

It has also sparked street protests, which President Recep Tayyip Erdogan on Friday denounced as "street terror".

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South Korea, China, Japan Agree to Promote Regional Trade as Trump Tariffs Loom

South Korea's Trade, Industry and Energy Minister Ahn Duk-geun (C), Japan's Economy, Trade and Industry Minister Yoji Muto (R) and China's Commerce Minister Wang Wentao attend at the 13th Trilateral Economic and Trade Ministers' Meeting in Seoul on March 30, 2025. (Photo by Jung Yeon-je / AFP)
South Korea's Trade, Industry and Energy Minister Ahn Duk-geun (C), Japan's Economy, Trade and Industry Minister Yoji Muto (R) and China's Commerce Minister Wang Wentao attend at the 13th Trilateral Economic and Trade Ministers' Meeting in Seoul on March 30, 2025. (Photo by Jung Yeon-je / AFP)
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South Korea, China, Japan Agree to Promote Regional Trade as Trump Tariffs Loom

South Korea's Trade, Industry and Energy Minister Ahn Duk-geun (C), Japan's Economy, Trade and Industry Minister Yoji Muto (R) and China's Commerce Minister Wang Wentao attend at the 13th Trilateral Economic and Trade Ministers' Meeting in Seoul on March 30, 2025. (Photo by Jung Yeon-je / AFP)
South Korea's Trade, Industry and Energy Minister Ahn Duk-geun (C), Japan's Economy, Trade and Industry Minister Yoji Muto (R) and China's Commerce Minister Wang Wentao attend at the 13th Trilateral Economic and Trade Ministers' Meeting in Seoul on March 30, 2025. (Photo by Jung Yeon-je / AFP)

South Korea, China and Japan held their first economic dialogue in five years on Sunday, seeking to facilitate regional trade as the three Asian export powers brace from US President Donald Trump's tariffs.
The countries' three trade ministers agreed to "closely cooperate for a comprehensive and high-level" talks on a South Korea-Japan-China free trade agreement deal to promote "regional and global trade", according to a statement released after the meeting.
"It is necessary to strengthen the implementation of RCEP, in which all three countries have participated, and to create a framework for expanding trade cooperation among the three countries through Korea-China-Japan FTA negotiations," said South Korean Trade Minister Ahn Duk-geun, referring to the Regional Comprehensive Economic Partnership.

The ministers met ahead of Trump's announcement on Wednesday of more tariffs in what he calls "liberation day", as he upends Washington's trading partnerships, Reuters reported.
Seoul, Beijing and Tokyo are major US major trading partners, although they have been at loggerheads among themselves over issues including territorial disputes and Japan's release of wastewater from the wrecked Fukushima nuclear power plant.
They have not made substantial progress on a trilateral free-trade deal since starting talks in 2012.
RCEP, which went into force in 2022, is a trade framework among 15 Asia-Pacific countries aimed at lowering trade barriers.
Trump announced 25% import tariffs on cars and auto parts last week, a move that may hurt companies, especially Asian automakers, which are among the largest vehicle exporters to the US.
After Mexico, South Korea is the world's largest exporter of vehicles to the United States, followed by Japan, according to data from S&P.
The ministers agreed to hold their next ministerial meeting in Japan.