The 28th term parliamentary elections for the Presidency and the Grand National Assembly of Turkey ended last week. After the election atmosphere was left behind, the stocks traded in Borsa Istanbul made the investors smile. However, the development that stood out this week was a claim made by Bloomberg that was immediately accepted in the market. The news containing the allegations that Mehmet Şimşek, one of the former finance ministers, is preparing to take office as an authorized person in the economy, created a doping effect in the stock market. Moreover, the allegations that Hafize Gaye Erkan, who had worked in international financial institutions such as Goldman Sachs, would also become the President of the Central Bank came simultaneously. While these two allegations triggered expectations that Turkey could quickly return to traditional economic and monetary policies, its reflection on the stock market was in the form of crazy purchases. BIST 100 Although the index has not yet reached its peak at the end of 2022, it compensated for the decline in the April-May period in a week.
The BIST 100 index, which lost 8% between the two elections, rose by 11.66% since the beginning of the week. BIST 100 closed the session at 5,114 points, leaving behind its most profitable week since October 2022. The index gained 12.19% in the week of October 3, 2022, and 11.57% in the week of February 15, 2023.
The weekly return of the Borsa Istanbul 100 index in dollar terms was 2.73%.
Which Sectors Led the Rise?
Although most of the companies traded in the stock market closed the first week after the election, it started to rise. bank, building And holding company sectors yielded more profits than others. Banking index XBANK rose 18.48% during the week, holding index XHOLD rose 13.29% and construction index XINSA rose 13.14%.
However food, transportation, textile And sport companies gained less value compared to the BIST100 index.
Number of Investors Has Declined!
Central Registry Agency, affiliated to Borsa Istanbul, shared important data publicly with the new month. As of May 31, 2023, the number of investors trading in the equity markets was 4.6 million. It turned out that the total resource in the hands of investors is 5.63 trillion TL. Despite the interest of locals, the share of foreigners remains low at 27.53%.
The number of investors data received positive reactions on social media. But when we compare it with the past, the situation turns out to be different.
According to MKK data, 4,768,730 investors were trading in the stock market in April. However, as of May, 168,000 investors withdrew from the stock market. The uncertain selection process may have caused some investors to move to safer havens.
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