Goldman and JPMorgan among six banks barred from short selling by Turkey

Constantine Courcoulas and Filipe PachecoAnkara — Turkey banned six foreign banks from betting against the nation’s stocks in a move that appeared to contradict recent steps towards easing such restrictions. Shares in Istanbul gained, tracking an advance across emerging markets Monday.

Turkish authorities have already burnt bridges with foreign investors by drastically limiting their access to the currency and making it difficult for them to trade Turkish assets. Earlier in 2020, the banking regulator briefly barred local lenders from trading liras with Citigroup, BNP Paribas and UBS.

The heavy-handed approach has compounded an outflow of capital, with foreign investors pulling $4.4 billion from Turkey’s equity market over the past 12 months, the biggest exodus since at least 2015. The head of the country’s brokers association said last week that foreign ownership of stocks has fallen to 52% from 65%. Residents have largely replaced them, with a wave of local buying propelling Turkish stocks more than 10% higher last month, among the best-performing markets globally.

South Africa Latest News, South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Rolls-Royce mulls fundraising in bid to weather pandemic falloutThe company is to cut 3,000 UK jobs and could consider selling shares and divesting assets
Source: BDliveSA - 🏆 12. / 63 Read more »

WATCH: VBS Mutual Bank's former CFO Philip Truter granted R50K bailFormer VBS Mutual Bank chief financial officer Philip Truter, who faces 47 charges relating to the mass looting of the VBS Mutual Bank has been granted R50 000 bail, the NPA said.
Source: IOL - 🏆 46. / 51 Read more »

Former VBS CFO intends to plead guiltyFormer VBS Bank CFO, Philip Truter is the 8th suspect arrested in connection with the VBS bank heist.
Source: eNCA - 🏆 49. / 51 Read more »

How to know when to sell your propertySelling a home can be an opportunity to improve your lifestyle and start fresh.
Source: TheCitizen_News - 🏆 6. / 75 Read more »

Clover milk now comes in blue bottles - as part of the strangest campaign we've seen in a whileClover milk now comes in blue bottles - as part of the strangest campaign we've seen in a while | BISouthAfrica
Source: News24 - 🏆 4. / 80 Read more »

WATCH: Why some short-term insurers are not paying for BI interruptionsBusiness Day TV's Michael Avery talks to a panel about the effects of Covid-19 on businesses and the challenges faced by insurers and their clients
Source: BDliveSA - 🏆 12. / 63 Read more »