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16 October 2019
REGULATION

Turkey bans short selling in top banks as US indicts Halkbank

The affected banks are Akbank, Turkiye Garanti Bankasi, as well as Turkiye Is Bankasi, Turkiye Sinai Kalkinma Bankasi and Turkiye Halk Bankasi.

TURKISH BANKS ATMS/BLOOMBERG


The Turkish stock exchange has temporarily prohibited short selling in seven banks, including Turkiye Halk Bankasi against which the US brought a criminal case for fraud and money laundering, reported Bloomberg.

The decision comes into effect today, no additional information was given on when the ban would end.

Additionally, Turkiye Vakiflar Bankasi and Yapi ve Kredi Bankasi were also affected by the ban.

Despite the September optimism that offered one of the best months to Turkish banking stocks this year, they still accounted for four out of 10 most popular short trades—bets that benefit from a decline in the stock—among emerging market banks.

Short sellers targeted Turkey’s state lenders Vakifbank and Halkbank the most among Turkish bank stocks.

An indictment was filed Tuesday in Manhattan against Halkbank, accusing the state-run lender of participating in a wide-ranging plot to violate prohibitions on Iran’s access to the US financial system.


RELATED STORIES: TURKIYE IS BANKASI TURKIYE GARANTI BANKASI AKBANK TURKIYE HALK BANKASI TURKIYE SINAI KALKINMA BANKASI VAKIFBANK


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