Foreign investment in Istanbul's stock exchange fell below 50 percent for the first time since 2004, daily Sözcü reported. Almost four billion dollars have reportedly been sold out of the exchange in the first six months of 2020.
A total of 70 publicly-traded companies out of 410 have gained over 100 percent value in two months. Tourism companies, which are expected to go through a difficult year amid the coronavirus (COVID-19) pandemic, and investment trusts are among the companies that saw over 100 percent price increase, as well as companies that halted their production in their areas of activity.
Turkey's Central Bank on April 22 cut its benchmark interest rate by a percentage point to 8.75 percent in order to shore up an economy hit hard by the coronavirus outbreak. The bank’s policy committee said in a statement that fallout from the coronavirus outbreak has started to hit trade, tourism and domestic demand so it was “crucial” to ensure markets are functioning and credit is flowing.
Borsa Istanbul will remove two zeros from its indices on April 27, it said on Feb. 19. The stock exchange will test this move in several phases. "Planned go live date is April 27, 2020 and the index values will continue to be shown in two decimal places. Contract sizes will be decreased to 10 from 100. Price ticks for futures will be increased to 0.25 from 0.025," it noted.