Baris ERKAYA
Exchange We are slowly starting to experience quieter sessions in Istanbul. Aggressive fluctuations from 1 September to 12 September and from 13 September to 19 September were replaced by calmer sessions, especially as of this week. Of course, we still do not see the effect of the confidence-injuring stock and index movements in the past weeks, albeit slightly, close to the closing of the session. However, we can clearly see that we are facing a more stable market structure image.
Solution deployed
The most important reason for this is the attempts to find solutions for what happened in the stock market, especially with the suggestions of Ankara. Yesterday, we wrote that the brokerage houses, who fell into a troubled position in the futures market due to their customers, agreed on a solution plan to move their forward positions to spot. Data from the market today show that this solution was deployed without delay. It is seen that the four brokerage houses, which are frequently mentioned in the market due to their customer open positions in VIOP, have physically delivered the contracts in today’s clearing positions, especially the contracts that are stuck in an open position in the spot market.
QUESTION: HOW MUCH WILL THEY CARRY IN SPOT?
The question mark that remains in mind now is: What will these intermediary institutions do with the positions they hold in the spotlight? In our news yesterday about these positions, which are especially concentrated in banks and some large real estate investment trusts, we mentioned that, due to the resolutions taken for the solution, the intermediary institutions will not be able to sell the shares they have turned into spotlights. It is eagerly awaited how long these share positions, which have now returned to the spotlight, will be carried over within the framework of the decisions taken, that is, how long the sales ban will last. This will actually be the second leg of the solution process. The critical issue here is how to provide the financial resources required for the spot moving process. If covered by credit, these positions, which are carried in the spot in approximately 4-5 stocks, will still continue to be a risk factor for the market. On the other hand, it is not yet clear whether the guarantee fund within Takasbank will be activated.
So, which stocks is this problem concentrated on?
After Halkbank’s buyback move last week, the problems continued in the positions that were moved from VIOP, especially in Vakifbank, Şekerbank, TSKB and İş REIT, which had 5 shares. These stocks are also prominent in the spotlight positions appearing in the swap breakdowns today.