CMB Decides to Liquidate Funds of Seven Companies Following Drop in Borsa Istanbul

Following the sharp decline in Borsa Istanbul, the Financial Stability Committee, convened under the chairmanship of Treasury and Finance Minister Mehmet Şimşek, stated that the market volatility stemmed from credit and liquidity issues in certain funds. Following these developments, the Capital Markets Board decided to liquidate a total of 130 funds belonging to seven portfolio management companies.

Financial Stability Committee Convenes

Following yesterday's sharp decline in Borsa Istanbul, the Financial Stability Committee convened this morning before the markets opened. The meeting was held under the chairmanship of Treasury and Finance Minister Mehmet Şimşek.

In a written statement, it was evaluated that the volatility in the markets originated from credit and liquidity problems experienced in certain funds under the management of a limited number of portfolio management companies.

Measures to be Taken for the Stock Exchange

In the evaluations made following the Financial Stability Committee meeting, it was emphasized that necessary measures would be swiftly implemented to support the stock exchange.

Companies Liquidated by the CMB

In order to regulate the fund market, the Capital Markets Board decided to liquidate the funds founded by Tera, Pusula, Hedef, Atlas, A1, Pardus, and Bulls portfolio management companies.

It was reported that all funds under the control of the mentioned seven companies were closed to trading and that these companies hold a total of 130 funds.

Current Trend of Borsa Istanbul

The BIST 100 index on Borsa Istanbul had closed yesterday with a drop of nearly 6%. The index recovered its losses during the day and shifted back to an upward trend.