Heavy selling continued on Borsa İstanbul as the fallout from the investment fund scandal intensified. Since August 28, losses in some stocks have reached as high as 90%.
In yesterday’s trading session, 558 of the 613 stocks recorded losses. Shares in 75 companies fell by more than 50%, while only 50 stocks ended the session in positive territory.
The sell-off spread across all market indices. From the weekend before the fund scandal erupted through yesterday’s closing bell, the total market value of companies listed on Borsa İstanbul fell by 3 trillion 987 billion TL, or nearly 4 trillion TL.
Asset Freezes Lifted for 45 Companies and 19 Funds
In the ongoing investigation into the fund scandal, asset restrictions imposed on 45 companies and 19 investment funds have been lifted following a request by the Capital Markets Board (SPK).
Meanwhile, a fourth wave of operations was carried out yesterday. Judicial proceedings were initiated against 10 executives of Destek Faktoring and Özata Denizcilik, with eight people taken into custody.
Authorities said the investigation is continuing, focusing on individuals, financial transactions and assets.
Erdoğan Pledges Action Over Fund Scandal
Speaking after a Cabinet meeting, President Recep Tayyip Erdoğan said the ministers of Justice and Treasury and Finance had briefed him on the fund crisis.
Erdoğan also announced that he would meet with his economic team today to discuss the situation.
“All necessary steps will be taken,” he said.
(SOURCE: https://www.ekonomigazetesi.com/ekonomi/borsada-kayip-4-trilyona-ulasti-88508)
