Turkey: Sale of shares was also suspended due to rapid deterioration | Financial Markets News

The suspension comes at a time when the Turkish lira is declining sharply.

Turkish stocks increased their losses following Friday, leading to a new suspension of the lira.

Borsa Istanbul 100 Index fell 5%, up from 3.1% earlier. Sales were due to resume around 4:23 pm Istanbul time, according to the bourse.

This is the second consecutive year that Turkish trade has been suspended due to rapid losses. Benchmark dropped to 9.1% on Friday, leading to a slowdown in the second quarter of the year. The decline was exacerbated by the growing number of medium-sized businesses among local investors who borrowed money to participate in a recent shareholders’ meeting.

Singing on the edge “caused the snow to melt” on Friday, turning the price adjustment into a “scary sell,” said Tuna Cetinkaya, chief executive of Info Yatirim company.

The decrease of the lira by 58% this year due to 500 central bank price reductions has sent local investors to protect their currency, which has made Istanbul one of the best performing markets in 2021 in terms of local currency, but even worse. are sold in US dollars.

The lira dropped sharply on Monday after Turkish President Recep Tayyip Erdogan promised to continue reducing interest rates, citing the Islamic ban on interest as a basis for his policies.

The dealer BIM Birlesik Magazalar AS did not perform well, while the Turk Telekom telecom operator was one of only four shares to be acquired.

(Updates and reseller time resume from paragraph 2)
-With the support of Taylan Bilgic.