Borsa Istanbul closed yesterday with a 2.79 percent decrease. The Banking Index closed with a loss of 4.58 percent. Losses in bank stocks approached 6 percent.
Borsa Istanbul has lost over 16 percent since September 16, when the fund crisis began. Losses of 20 percent or more indicate that a bear market has entered. One of the main reasons for the losses in Borsa Istanbul is the uncertainty regarding the fund calendar. However, the expected steps came at midnight.
According to the CMB bulletin, the liquidation of A1, Bulls and Pardus funds will begin with those bearing the phrase “Money Market Fund”. These funds will be liquidated in order from the most investors to the least investors. Those with less than 1 million TL will be paid in full, and those with more than 1 million TL will be paid in installments.
It was decided to make interim payments for the funds established by Tera, Pusula, Atlas and Hedef Portföy, without waiting for the final liquidation.
Tera Yatırım’s activities were terminated. 5 financial companies were transferred to SDIF. The decision includes 3 investment banks and 2 factoring companies.
The market was waiting for a concrete timetable regarding the funding crisis.
On the other hand, Special Consumption Tax on gasoline and diesel was lifted and the increases started to be reflected.
Today, Istanbul’s inflation will be followed with manufacturing data.
The US figures have an impact on global markets. Yesterday, as the US grew above expectations and core inflation remained below expectations, the interest rate cuts expected from the Fed were postponed to the end of the year. Expectations have diminished.
As expectations for an interest rate hike from the Fed faded, Asian markets experienced increases of over 2.5 percent, while US futures contracts were also traded with increases.
Banking data will be followed today. On the other hand, Istanbul inflation will be followed as a leading indicator.
