The Turkish Capital Markets Authority has banned the open sale on the Istanbul Stock Exchange, and the restrictions of shares and the requirements of the shareholders ’rights are reduced to net assets until April 25, in light of market turmoil after the arrest of the mayor of Istanbul Akram Imamoglu and his imprisonment.
And the open sale is a process that includes borrowing shares from a financial mediator for a commission and selling it on the market, then purchasing it again at a lower price and returning it to the mediator, and the investor profit is the difference between the initial sale price and the purchase price.
The Turkish Capital Markets Authority also decided to reduce the condition of the shareholders ’rights levels to the net assets in the credit market transactions, and canceled the maximum amount of the amount used to resume shares of listed companies.
The commission announced that it had taken these decisions to ensure the work of capital markets in a manner that is credible, transparent, stability and to protect investors.
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Banking tools
In a related context, the Turkish Banking Federation said that the President of the Central Bank, Fatih Qara Khan, informed the bankers yesterday that the bank will use all the tools available within the market rules effectively and resolve to maintain stability.
Al -Ittihad added in a statement that Qara Khan and members of the Board of Directors discussed the latest developments in the market at a meeting yesterday, after a court in Istanbul officially ordered the arrest of the city’s municipality, Akram Imamoglu.
The Turkish lira, stocks and bonds have witnessed a sharp decrease since Wednesday when the authorities detained Imamoglu.
The Turkish lira is trading against the dollar at 37.88 pounds, in the latest trading today, which is a decline in a level below 37 before the arrest of Imamoglu.
The Istanbul Stock Exchange index (BIS 100) (BIST 100) increased by 2.18% to 9241 points, and the BIS 30 index (BIST 30) increased by 2.27% to 10.138 points, at the time of writing the report.
