SAFAKNA TURKEY – After a wave of sales on the Borsa Istanbul stock exchange, the positive mood at the opening of a new trading day was replaced by a decline.
The BIST 100, which started the day up 2.55%, recorded a premium in excess of 4% for the day. the index fell in the afternoon. The index was tested below 4700 points.
The BIST 100 recorded an 11.5% decline in the first three trading days of the week. As of Wednesday, the index is down 16 percent from its all-time high of 5704 on Jan. 3.
Borsa Istanbul 100 was the index with the highest drop in the world, with 14.2% YTD. Last year, the index rose nearly 200 percent thanks to buying by domestic investors who wanted to protect themselves from inflation.
Critical regulation from CMB
Postponement of restrictions on reverse REPO operations, which is one of the factors affecting sales, had a positive impact on the market.
It was noted that the regulation on reverse repurchase agreements in the repo market with shares published by the Capital Markets Board (CMB) has been amended, and the term for closing positions to which the respective funds are/will be parties has been extended.
According to a January 11 letter seen by Bloomberg HT, the CMB announced that the deadline for closing positions to which these funds are/will be a party has been extended to April 28, 2023.
In two articles published by CMB on December 27-28, reverse repurchase agreements for money market and short-term debt instruments and other money market and short-term debt funds on Borsa Istanbul Equity Repo Market should no longer be included in portfolios and announced its decision to close existing positions by January 30, 2023 to the relevant parties.
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