Page 47 - TURKRptFeb20

Tuzun also said: "However, it is not easy to track the actual amount of re-positioning, based on Takasbank’s (Central Custody in Turkey) T-2 dataset. The historical foreign ownership data we used to track (i.e. the Takasbank data) has become a bit irregular of late, with significant volatility."
"It could be argued,” Tuzun continued, “that this was due to the extreme share price increase in Finansbank (QNBFB). Finansbank’s real free float is actually 0.12%, but if QNB's 99.88% stake, which is registered in the equity market, were to be considered as free float by Takasbank, the weighted average foreign ownership of the whole equity market would increase irregularly. However, if this was true, the rise in calculated foreign ownership would be much more (i.e. 80%+) because Finansbank's market cap is now almost USD60bn (or twice the market cap of the rest of the banking sector). And this is roughly the same amount of the actual free float market cap of the whole equity market (ex Finansbank)."
47 TURKEY Country Report OUTLOOK 2020 www.intellinews.com