Financial Stability Committee Intervenes in Fund Crisis: No Structural Risk
Following volatility in fund markets, sharp sell-offs were seen in the stock market. The Financial Stability Committee, convened under the chairmanship of Treasury and Finance Minister Mehmet Şimşek, announced that there is no structural risk in the market. The Committee stated that the problem is concentrated in a specific segment of the fund market and is temporary and manageable in nature. It was expressed that the measures taken will aim to eliminate liquidity tightness and prevent contagion risk.
The Capital Markets Board (SPK) decided to close 127 investment funds traded on TEFAS, founded by portfolio companies Tera, Pusula, Hedef, Atlas, A1, Pardus, and Bulls, to purchases and sales. These funds hold 827 billion TL (17 billion dollars) in assets belonging to 515 thousand investors. The SPK announced that the funds will be liquidated by a method to be determined. It was stated that the decision was taken to ensure the reliable, transparent, and stable operation of capital markets and to protect investor rights.
The Central Bank of the Republic of Turkey (TCMB) announced that it is reviewing its liquidity facilities. A total of 7 billion liras in 5 separate bond auctions were opened to balance liquidity in the market and support stability in TL assets. It was reported that funding will be increased through weekly repo auctions, banks' borrowing limits will be updated, and collateral discount rates will be reduced. It was stated that additional measures will be taken if deemed necessary.
The Banking Regulation and Supervision Agency (BDDK) decided that publicly traded banks' own shares acquired through buybacks after September 16 will not be considered as a deduction item from core capital until December 31, 2026. These shares will not be included in the calculation of credit risk exposure and market risk exposure.
The SPK also decided to impose a 2-year trading ban on 38 individuals responsible for transactions in the equity markets of Katılımevim, Gündoğdu Gıda, and Destek Finans Faktoring AŞ, and on Pusula Portföy Yönetimi AŞ. Within the scope of the investigation, 4 suspects were detained; Pusula Portföy Board Chairman Muhammed Yarız was arrested. It was announced that Emlak Katılım has started negotiations to purchase Katılımevim and Birevim.
Not investment advice.
The news contains a reassuring message that the financial stability committee intervened in the fund crisis and that there is no structural risk. Such interventions can boost market confidence and have a positive short-term impact on banking stocks. GARAN's 9.59% rise in the last 24 hours and its RSI at 64 indicate strong momentum but approaching overbought territory. However, the MACD being below its signal line calls for caution. In the short term, an upward movement due to the news effect is likely, but profit-taking may occur.
The news carries a dovish tone regarding the financial stability committee's intervention in the fund crisis and the absence of structural risk. AKBNK stock has risen 9.74% in the last 24 hours and is approaching overbought territory with an RSI of 63.6. MACD is below the signal line but attempting to cross into positive territory, indicating strengthening momentum. The price is above the SMA20 and near the SMA50; the news may boost confidence in banking stocks in the short term. However, much of the rally may already be priced in, so the 1-3 day impact could be limited positive.
The news contains a reassuring message regarding the financial stability committee's intervention in the fund crisis and the absence of structural risk. Such interventions can support buying interest in the short term by increasing market confidence. However, the share price has risen 9.41% in 24 hours and the RSI at 60.7 is approaching overbought territory; this brings some risk of profit-taking. The MACD is in negative territory and below the signal line, indicating that momentum has not yet fully strengthened. The price is above the SMA20 but below the SMA50; there is a short-term recovery signal, but medium-term resistance has not yet been overcome. Overall, the news may have a positive impact, but since technical indicators give mixed signals, the possibility that the rise remains limited should not be ignored.
