Severe Sell-Off Wave on Borsa İstanbul and Developments in the Fund Market
The BİST 100 index dropped by 6.65% on Borsa İstanbul, triggering the circuit breaker. The decline is driven by new fund regulations and a liquidity crunch.
Borsa İstanbul faced one of the sharpest sell-off waves of recent months as the BİST 100 index fell by 6.65%, and the circuit breaker was triggered after losses exceeded 6%.
Sharp Decline on Borsa İstanbul
During the day on Borsa İstanbul, the BİST 100 index dropped by 6.65% to 12,996.87 points. The banking index lost 7.67%, and the industrial indexes lost 6.88% in value.
CMB Fund Regulations
At the center of the sell-off wave are the new fund regulations introduced by the Capital Markets Board (CMB) on August 28. The regulations imposed restrictions on the concentration of hedge funds in certain stocks.
Pusula Portfolio Statement
Pusula Portfolio announced that a default occurred in the participation share redemption payments of certain investment funds it founded. The company stated that reconciliation and liquidity management processes with brokerage firms are ongoing.
Liquidity Crunch Cycle
Since the end of August, approximately 129 billion TL has flowed out of Pusula funds. Intense redemption requests forced fund managements to liquidate assets, creating downward pressure on stocks.