Sharp drop on Borsa Istanbul echoes widely in international press

The sharp wave of decline triggered by liquidity issues in the fund market on Borsa Istanbul and developments at Pusula Portföy has echoed widely in international media outlets such as the Financial Times, IntelliNews, and Reuters.

Financial Times and Fund Run

The UK-based Financial Times reported that Turkish stocks declined due to a fund run in which investors withdrew $1 billion. It was noted that the BIST 100 index lost more than 5 percent on Wednesday.

It was stated that the sell-off began after Pusula Portföy announced it could not meet investor redemption requests in certain money market and investment funds, and that this coincided with the economic program process of Treasury and Finance Minister Mehmet Şimşek.

IntelliNews Analysis and Liquidity Crisis

Berlin-based IntelliNews addressed in a detailed analysis how the liquidity crisis experienced at Pusula Holding and Pusula Portföy shook Turkish markets.

The report emphasized that an agreement was reached for the sale of Pusula Holding and its affiliates to Tera Group, but that the transfer procedures are still subject to approval by official institutions.

Reuters and Regulatory Steps

The Reuters news agency announced that the Capital Markets Board (CMB) filed criminal complaints against 38 individuals over allegations of stock manipulation and imposed a two-year trading ban on Borsa Istanbul.

It was reported that these individuals, connected to transactions in Katılımevim, Gündoğdu Gıda, and Destek Finans Faktoring shares, along with executives of Pusula Portföy, were referred to the prosecutor's office.

Common Point of International Press

In the analyses featured in the international press, the inability to meet fund redemption requests and liquidity issues stood out as a common emphasis triggering the sharp sell-offs on Borsa Istanbul.

Assessments were included indicating that if outflows increase, converting assets into cash could make price movements even sharper.