Published On: Fri, Aug 14th, 2020

Biggest foreign outflow in the Turkish stock market in the last 15 months

The stock market in Istanbul attracted the attention of the international press when foreigners sold their stocks. On March August 7, foreign investors posted a net outflow of $ 566.5 million, the largest foreign outflow on a weekly basis since March 2019. An official said “Every depreciation in the TL reveals a new wave of sales among foreigners.”

Foreigners are continuing to leave Turkey. In the week ending August 7, foreigners posted a net outflow of $ 566.5 million from Borsa Istanbul. This figure was the highest foreign output on a weekly basis since March 2019.

It is understood that the total foreign outflow from Borsa Istanbul since the beginning of the year with the latest outflow has reached $ 5.1 billion on net.

In the last two weeks, the TL depreciated against the dollar by 6.3 per cent. The limitation of access of foreigners to the TL in London to keep rate at a certain level had also triggered sales at the stock exchange. Some foreign banks, unable to meet their TL obligations to Turkish banks, had begun to acquire TL by selling shares.

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