Turkey's sovereign wealth fund bought shares on Thursday as part of a fresh push to brace the country's equity market, according to individuals with knowledge of the matter, marking the latest move by authorities to contain fallout from a crisis in the fund management industry.

The fund deployed capital through an exchange-traded vehicle managed by state-owned brokerage Ziraat Portföy, the people said, asking not to be identified because the information hasn't been made public. The aim was to prop up the BIST 30 index, which tracks Turkey's 30 largest listed companies. One person added that further interventions could follow if extreme volatility hits the market in the coming days.

A spokesperson for the sovereign wealth fund didn't immediately respond to requests for comment. Exchange-traded funds run by Ziraat that track Turkish bank stocks and the BIST 30 index drew 4.05 billion liras ($83 million) in inflows on Thursday, the most since April 2025, helping bank shares surge 8.9% on the day.

The move comes after a sustained period of turbulence in Turkish markets, where several well-known investment funds have said they are unable to satisfy redemption requests from investors. Pressure has been building since August, when regulators stepped in over unusual volatility in some stocks and tightened rules on funds holding concentrated positions in companies with low free-float ratios, forcing some money managers to liquidate positions.