Borsa Istanbul triggers uptick rule 21 December 2021Turkey Reporter: SFT
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The Istanbul Stock Exchange has triggered an uptick rule on the short sale of a number of stocks on Monday and Tuesday in a step to combat falling share prices.
The Turkish bourse indicated on Monday 21 December that it had introduced an uptick rule for short sale transactions during the day and that this rule would also apply on Tuesday 22 December.
In a statement signed by chief executive Korkmaz Ergun, the exchange clarified that “equities that can be subject to short selling can be sold short at a price higher than the last transaction price of the instrument. In case the last realised price of the instrument is higher than the previous price, the sort sale transaction can be made at the last price level.”
The action was introduced for shares in the BIST 50 Index.
Turkey’s BIST 100 index hit a new high of 2406.87 during Friday trading, before undergoing a sharp decline, twice initiating a circuit breaker that halted trading.
This slide in share prices accompanied a sharp fall in the Turkish lire, which slipped to a record low against the US dollar on Friday.
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