Page 15 - TURKRptOct22

Through the end of August, banking stocks leapt to crazy heights. Subsequently, until September 12, the stocks were locked at the price ceiling for two weeks. These kind of price movements have always been seen in the small stocks. They are described as a “bull trap” in English. In Turkish, there is a better coinage, namely “keriz silkeleme”, which we might translate as “shaking off the klutzes”.
In the case of the banking stocks, such an undeniable “keriz silkeleme” stood out as pretty weird even by Borsa Istanbul standards. It was pure amateurism that unmistakably pointed to the imprint of the current government of the country (we might say that the Erdogan administration holds the patent for this level of bungling).
On September 12, there were claims that finance minister Nurettin Nebati had inadvertently confirmed that the government was aware of the strange goings-on (such movements in the leading stocks of the sole exchange of a country can surely not escape the observer, even one of Turkey’s magnificent serving ministers) by inviting all Turks to reap rewards from booming returns on Borsa Istanbul.
Only in Turkey do you get a finance minister who provides his citizens with direct investment tips. Note that you can in fact buy Turkish citizenship by acquiring an apartment for a price tag of $0.4mn or higher. Don’t miss your chance.
15 TURKEY Country Report October 2022 www.intellinews.com