Turkey’s sovereign wealth fund bought stocks on Thursday to prop up the nation’s equity market, according to people with knowledge of the matter, the latest move to contain fallout from a crash in the country’s fund management industry. The Turkish Wealth Fund bought shares through an exchange-traded vehicle run by state-owned brokerage Ziraat Portfoy to lift the Borsa Istanbul 30 Index, which tracks the country’s 30 biggest public companies, said the people, asking not to be named because the information wasn’t public. The fund will continue to intervene if it sees extreme volatility in the coming days, one of the people said.

Ziraat’s exchange-traded funds tracking Turkish banks and the BIST 30 Index drew 4.05 billion liras ($83 million) of inflows on Thursday. That was the most since April 2025 and helped fuel an 8.9% advance in banking shares. The move follows a week of turmoil after some high-profile investment funds said they were unable to meet investor redemption requests.

The strains had been building since August, when regulators took action against unusual stock moves by tightening rules on funds with concentrated holdings in companies with limited free floats, forcing some managers to unwind positions. Authorities have moved on several fronts to restore confidence. The capital markets regulator ordered 131 investment funds liquidated and blocked trading in funds run by seven asset managers after investors pulled as much as $1 billion from Turkish funds in a single day. The central bank raised repo funding to 300 billion liras and lifted banks’ interbank borrowing limits 10-fold.