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Borsa Istanbul faces sharp September decline amid fund crisis
Borsa Istanbul experienced a significant downturn in September, with the total market value of listed companies falling by 20 percent, a decline of approximately 4.5 trillion TL. This represents the sharpest monthly drop since the 2008 global financial crisis. The volatility was heavily influenced by a widespread investment fund crisis, which resulted in the liquidation of 131 funds and legal actions against several finance sector executives.
Individual companies faced extreme losses. Kiler Holding saw its shares plummet from a February peak of 689.50 TL to 10.16 TL by the end of September, representing a nearly 98.5 percent loss in value. In the daily markets, Bank of America clients engaged in significant selling, particularly targeting Aselsan with 989 million TL in sales.
President Recep Tayyip Erdoğan addressed the situation, stating that the issues are confined to a limited segment of the fund market and do not pose a systemic risk to the broader financial system. Meanwhile, currency markets saw the US Dollar rise above the 49 TL threshold, and silver prices traded around 96.68 TL.
Entities
ASELSAN · Akbank · Bank of America · Borsa İstanbul · Central Bank of the Republic of Turkey · Federal Reserve · Kiler Holding · Recep Tayyip Erdoğan · SASA Polyester
Claims
What the coverage asserts, and how many sources carry each claim.
- [● 3 SOURCES] The US Dollar traded above the 49 TL threshold in the Istanbul free market. www.ekoturk.com · www.turkgun.com · halktv.com.tr
- [● 2 SOURCES] The BIST 100 index fell by 1.20 percent to 12,441.94 points during the first half of the day.
- [● 3 SOURCES] President Erdoğan stated that the recent fund issues are limited to a small part of the market and pose no risk to the financial system. www.kibrisgercek.com · sondakikakibris.com · www.cnbce.com
- [○ 1 SOURCE] Gram silver was trading at approximately 96.68 TL. www.batmanpusula.com
- [○ 1 SOURCE] Bank of America clients recorded net sales of 1.9 billion TL in Borsa İstanbul.
- [○ 1 SOURCE] Bank of America clients recorded net sales of 1.1 billion TL, with Aselsan being the most sold stock at 989 million TL. paratic.com
- [○ 1 SOURCE] The total market value of companies in the BIST All index decreased by approximately 4.5 trillion TL compared to the previous month. www.bizimsivas.com.tr
- [● 2 SOURCES] Kiler Holding shares dropped to 10.16 TL by the end of September, following a peak of 689.50 TL in February. www.yenialanya.com · www.yenicaggazetesi.com
- [● 3 SOURCES] A fund crisis led to the liquidation of 131 funds and the detention or arrest of numerous finance sector executives. www.sozcu.com.tr · www.yenialanya.com · www.yenicaggazetesi.com
- [○ 1 SOURCE] The total market value of publicly traded companies on Borsa Istanbul fell by 20 percent in September, marking its sharpest monthly decline since the 2008 global financial crisis. www.bizimsivas.com.tr