LAST UPDATE 17:11
Two automatic suspensions of payments by the special mechanism of prevention of generalized sell-off, turned the trading on the Istanbul Stock Exchange into a train of terror, on Friday afternoon.
For the first time, the Automatic Transaction Mechanism was put into operation for half an hour, for the BIST 100 index.
The reason for the activation of the “automatic switch” was the intense variability that was observed. The session of the Turkish stock market had started with gains of 5%. By the time the mechanism was activated, the stock market was losing 5%, with the banking sector recording losses of more than 6%.
Within an hour, by the time of the suspension, the BIST100 index had lost 8%, falling from + 3% to -5%.
In fact, out of the 100 shares of the index, at the time of the suspension, 92 recorded losses, 5 were stable and only 3 recorded gains.
“As of 16:24:28, the Automatic Transaction Mechanism has been activated. Transactions have been temporarily suspended on all lines of the Stock Market, on futures contracts and stock exchanges traded on the Futures and Options Market, as well as on the markets. Repo and Bonds “, announced by Borsa Istanbul.
“For all the items for which the method of continuous trading in the Stock Market is applied, the collection of the single price will take place at 16.44, the matching will take place at 16.49 and the trades will continue from 16.54 with continuous trading from where they left off.”
Trading resumed at 16:54, as originally announced.
The Automatic Transaction Mechanism was restarted a little while later with the BIST 100 recording up to that day daily losses of 9%.
Trading resumed at 17.24 (local time), with the index showing small signs of recovery and then recording new losses.
“If you buy and sell by listening to social media, it means you are playing. You are not playing with the stock market, you are playing with your life. Look, you have been beaten. You win sometimes, but on the fourth you are slapped and taken away,” the General commented. Director of the Istanbul Stock Exchange, Korkmaz Ergiun speaking to the newspaper Dünya.
At 18.00 (local time) the BIST 100 index closed the session with losses of 8.52%.
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Source From: Capital
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