Turkish stocks increased 3.1% today, Monday, to compensate for some of the heavy losses that incurred it last week, with the Turkish Capital Markets Authority banning open sales on the stock exchange and escalating tension after a court ruled that Istanbul mayor Akram Imamoglu in connection with a trial.
Last week, the record index on the Istanbul Stock Exchange concluded 16.6%, which is the largest decrease since the global financial crisis in October 2008.
And the open sale is a process that includes borrowing shares from a financial mediator for a commission and selling it in the market, then buying 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 sub -index of the banking sector rose 3.23% by 08:56 GMT, after more than 26% had folded last week.
On Sunday, a Turkish court sentenced Imamoglu – the most prominent political competitor to Turkish President Recep Tayyip Erdogan – is a trial on corruption charges.
On Wednesday, Imamoglu on Wednesday was a turmoil in the market, as the Turkish lira, stocks and bonds witnessed severe decreases, amid protests from the main opposition party and European leaders.
Yesterday, the Turkish Capital Markets Authority banned the exposed sale on the Istanbul Stock Exchange, and the restrictions of shares and the requirements for the property rights ratio to the assets until April 25.
The stability of the lira
The price of the Turkish lira was 37.95 per dollar unchanged, which is significantly closed on Friday, after it decreased 3.5% last week.
In its meeting with bank officials on Sunday, the Central Bank confirmed that it will use all tools effectively and firmly to maintain stability.
The Turkish international sovereign bonds also compensated some of their losses, as the “Teruyob” data indicated that the bonds due in 2045 rose 0.7 cents to 83.7 cents per dollar, after they decreased by more than 3 cents last week.
