There is no fundamental or structural risk to the functioning of Türkiye’s main stock exchange and the recent issue in the market is tied to a specific segment of the fund market and is “temporary” and “manageable,” a top financial body said in a statement on Thursday.
“There are no fundamental or structural risks regarding the functioning of Borsa Istanbul or our capital markets,” the Financial Stability Committee said in a written statement.
The committee convened under the chairmanship of the Treasury and Finance Minister Mehmet Şimşek early on Thursday to address the recent developments in the capital markets.
It concluded that the recent market volatility stemmed from credit and liquidity problems at certain funds managed by a limited number of portfolio management companies, according to the official statement.
“The problem is concentrated in a specific segment of the fund market and is temporary and manageable,” it added.
The committee evaluated measures that could be taken to maintain the healthy functioning of markets and safeguard macrofinancial stability.
“All necessary measures within this scope will be swiftly implemented by our relevant institutions,” it said.
The measures will primarily aim to alleviate liquidity constraints and prevent the problems from spreading to other parts of the financial system.
The committee also said regulatory and supervisory authorities would continue to exercise their powers “with determination” against those found to have engaged in market-disruptive activities.
It urged the public to rely solely on statements issued by official sources during the process.
“The committee will closely monitor developments and regularly inform the public,” the statement added.
The body convened as the benchmark stock index ended on Wednesday at 13,122.58 points, down 5.54% from the previous close amid widespread speculation of an alleged market manipulation by several funds and a sell-off.
Watchdog bars 38 individuals from trading
The Capital Markets Board (SPK) separately announced on Wednesday that it filed criminal complaints against 38 people whom it barred from trading on Borsa Istanbul for two years over alleged manipulation of the shares of three listed companies, it said in a bulletin.
The referrals, made under a law on market manipulation, relate to trading in the shares of Katılımevim, Gündoğdu Gıda and Destek Finans Faktoring, the regulator added.
Pusula Pörtfoy, a fund management company in the same group as Katılımevim, was also banned for two years, with its executives among those referred to prosecutors.
Another large portfolio manager, Tera Group, had recently said it agreed to acquire Pusula Finans, which includes the fund management unit, with the deal pending approval.
Pusula Pörtfoy said it had defaulted on some funds earlier this week, while Tera said late on Wednesday it also defaulted in two funds.
The stocks of all three companies cited by the market regulator remain sharply higher for the year, despite recent losses.
Central bank steps in
The Turkish central bank said separately in a statement on Thursday that it would increase the funding via one-week repo auctions when needed, taking into consideration the liquidity conditions.
It also said that the banks’ borrowing costs at its Interbank Money Market will be revised, taking into account the banking system’s existing balance sheet aggregates.
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