On Wednesday, the stock market in Türkiye announced it would suspend equity trading after two massive earthquakes triggered a market rout. It was the first time in 24 years trading was suspended.

Following a 7.09% fall, the benchmark Borsa Istanbul 100 Index (BIST 100) was suspended.

After entering bear market territory on Tuesday, the index had been headed to the worst weekly performance it had seen going back to the global financial crisis of 2008. As trading was suspended, the banking sub-index (XBANK), fell 6.03%.

After two market-wide circuit breakers were unable to stop a slide in the main index, Borsa Istanbul said in a statement, “Our stock exchange has decided to halt trading in equities, futures, and options markets.” No guidance was given on when trading would resume.

Haydar Acun, of Marmara Capital said in an interview with Bloomberg, “At times of catastrophes like this, suspending trading in the stock market is a better decision in order to protect investors.” 

On Monday, a 7.8 magnitude wreaked destruction across southern Türkiye and northern Syria. It was followed by a second earthquake on a neighboring fault line, as well as dozens of aftershocks, which added to the destruction. Thousands were killed in numerous building collapses, which left many others trapped in rubble.

Recep Tayyip Erdogan, the president of Türkiye, called the quakes the worst disaster since the 1939 Erzincan earthquake as he declared a seven day period of mourning. He also put into effect a three month state of emergency in the ten regions most affected.

So far the confirmed death toll in Türkiye and Syria has risen above 10,000, and it is expected to rise further as rescue operations continue.