Floor Price Series Begins on Borsa İstanbul Following SPK Fund Guide Amendment
New restrictions introduced by the Capital Markets Board on free funds and mutual funds have led to sharp declines and floor price series in certain stocks on Borsa İstanbul.
Following comprehensive changes made by the Capital Markets Board to the guide regarding free funds and mutual funds, sharp movements occurred in certain stocks on Borsa İstanbul, and many companies initiated a series of floor prices.
Amendment to the Investment Fund Guide
Comprehensive changes made by the Capital Markets Board to the guide regarding free funds and mutual funds resonated in the market. Following this regulation, sharp movements were observed in certain stocks on Borsa İstanbul.
Uninterrupted Floor Series in Companies
In approximately 17 stocks heavily held in certain investment funds, floor levels were seen in the three trading sessions following the announcement of the guide. Hedef Holding, Peker GYO, Aksu Enerji, Koç Metalurji, and Hatsan hit the floor continuously for three days.
Decline Rates and Affected Companies
The decline rates for companies hitting the floor for three consecutive days were realized as 27.03 percent for Hedef Holding, 27.03 percent for Peker GYO, 27.02 percent for Aksu Enerji, 26.8 percent for Koç Metalurji, and 24.8 percent for Hatsan. The number of companies that hit the floor at least once reached 84.
New CMB Restriction Rules
According to the CMB's decision dated August 28, the total weight of stocks individually having a weight of over 5 percent in a free fund's portfolio cannot exceed 20 percent. BIST 30 stocks are exempt from this restriction, and gradual dates have been determined to resolve limit excesses.
Weight Reduction in Portfolio Management
According to statements made to the Public Disclosure Platform, portfolio management companies have started reducing weights in certain funds. Pusula Portföy, Tera Portföy, and several other institutions lowered their share ratios in various companies.
Fund Returns and Cash Outflows
Changes also occurred in the returns of investment funds following the guide. Among the funds traded on TEFAS, the highest loss in return was seen in Bulls Portföy Second Free Fund with 34 percent, while total net cash outflows from funds exceeded 10 billion 669 million liras.
Large Investor Identities and Ratios
With the new regulation, the identities of investors holding a stake of over 30 percent in funds traded on TEFAS were disclosed. The share ratios of institutions such as Barclays Bank, Emin Evim, Katılımevim, TT Mobil İletişim Hizmetleri, and the Turkey Diyanet Foundation in the funds were announced.