5 hrs ago
Borsa Istanbul Removes Destek Finans From Major Stock Indexes
Borsa Istanbul removed Destek Finans from two major lists of Turkish stocks.
It also removed Katilimevim from the 100-stock list.
These companies had become very important to some investment funds.
Turkish authorities said some funds used Ponzi-like strategies involving thinly traded stocks.
New rules made some funds sell their holdings.
Many investors then asked to withdraw their money.
Some funds could not pay all the requests, so authorities seized 131 funds.
Destek’s stock price has fallen sharply during the crisis.
Destek Finans Faktoring AS was removed from the Borsa Istanbul 30 and 100 indexes.
Katilimevim Tasarruf Finansman AS was also excluded from the Borsa Istanbul 100 Index.
Destek shares rose nearly 7,500% from their February 2025 IPO to their July peak.
Authorities seized 131 funds managed by seven asset managers amid heavy redemption demands.
Destek shares fell 34% in a week, while Katilimevim declined 68% this month.
- Who
- Borsa Istanbul, Turkish regulators, investment funds, and companies including Destek Finans and Katilimevim.
- What
- Borsa Istanbul removed Destek Finans from the BIST 30 and BIST 100 indexes and excluded Katilimevim from the BIST 100.
- Where
- Turkey, involving Borsa Istanbul and Turkish investment funds.
- When
- The index changes were announced in the latest quarterly review; the related crackdown and fund crisis occurred this month.
- Why
- Authorities tightened rules after alleging that fund strategies had pushed up thinly traded stocks and contributed to abnormal price gains.
Key facts
- Removed from BIST 30
- Destek Finans Faktoring AS
- Removed from BIST 100
- Destek Finans Faktoring AS and Katilimevim Tasarruf Finansman AS
- Destek peak gain
- Nearly 7,500% from its February 2025 IPO to its July peak
- Destek peak market value
- As much as 1.31 trillion Turkish lira
- Funds seized
- 131 funds managed by seven asset managers
- Destek recent decline
- 34% over the past week
- Katilimevim monthly decline
- 68% this month
Sources
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