Banking index in Istanbul stock market decelerates after investment suggestion from Minister
The banking index in Borsa Istanbul decelerated for the second consecutive day, while the loss has approached 10 percent and the circuit breaker system was activated. Stocks in Turkey had continued to rise for weeks compared to other developing countries. The banking index has more than doubled since the beginning of last month, but yesterday it fell by 8 percent and turned negative.
Borsa Istanbul announced that the circuit breaker system, which stops losses for major banks such as Akbank, Albaraka Turk, Yapı Kredi and Garanti BBVA, starting with Vakıfbank as of 10:00, had been activated.
SUGGESTION FROM TREASURY MINISTER NEBATI REGARDING STOCK MARKET
Minister of Treasury and Finance Nureddin Nebati had said on August 23, “There is a balanced course in the exchange rate and other commodities. Its return is below inflation. Borsa Istanbul currently brings the most returns to citizens. It is very clear where our citizens will be oriented.”
The stock market, which moved fast this summer, broke a record in August, when global markets followed a negative course with the dilemma of recession and inflation, and had the best monthly performance in the last 13 years with a 20 percent gain in value.
The entry of foreign investors into the stock market in the last month and a half, especially the banking index, has allowed it to enter a rapid rally despite concerns that government measures will reduce profitability, and the shares of banks, which increased their net profit up to five times during the pandemic, have led the rise.
The Minister had shared that 13.6 billion TL ($ 750 million) of foreign investment entered the companies traded on the Istanbul Stock Exchange between August 1-18 and he had recommended the citizens, the stock market.
SOURCE: diken.com.tr/nebatinin-yatirim-tavsiye-ettigi-borsa-tepetaklak/
