The reflection of fund turbulence in the markets on the stock market is growing. While the crisis of confidence created by the manipulation investigations shook the Borsa Istanbul in general, the market value of the companies melted by 4.5 trillion TL with the sales wave in September, and the loss of local investors in the stock market exceeded 100 thousand. According to market experts, the erosion of confidence will negatively affect IPOs and hit healthy companies seeking resources for investment and growth.
The meltdown of approximately 4.5 trillion TL, calculated by Bloomberg HT, is the steepest monthly market value loss since the 2008 global financial crisis. Although it closed upwards on Friday with the announcements that fund payments would be made, the fact that the increase remained at only 0.17 percent signals that the selling pressure will continue. This situation directly affected the public offerings that became a craze, for which the CMB gave permission one after the other. The fact that the shares of 23 of the 36 companies that went public in the last year were below the IPO price at the close of October 2 shows the loss suffered by investors.
Economist Ali Ağaoğlu said that in a significant part of the recent public offerings, companies were priced above their required values. Pointing out that the offerings are concentrated in a small number of brokerage firms, Ağaoğlu said, "The coming period will be troublesome for companies that think they will obtain resources from the stock market. Investors will not show interest for at least six months."
FINANCE DOOR IS Narrowing
Prof. Cem Başlevent said that the losses were more related to panic and the need for liquidity. Stating that individual investors will suffer significant losses at the end of the process, Başlevent emphasized that some companies that deserve to go public will have difficulty finding this opportunity. According to Başlevent, trust will take time.
Prof. Dr. Sinan Alçın said that the appetite of individual investors, who turned to the stock market as deposit interest did not provide sufficient protection against inflation and gold remained weak in 2026 after its sharp rise in 2025, for public offerings decreased due to the effect of the fund crisis spreading throughout the market.
Alçın also warned that companies should not view public offerings as a means of raising money from individual investors or as a "cheap source of income and low-priced loans".
MARKET DEPENDS ON GRADES
Economist İris Cibre also drew attention to the general pressure, stating that investors are being much more selective and that the closing of credit limits by brokerage firms also affects public offering stocks:
"There are also equity funds among the 131 funds. The CMB has made the necessary regulations. We are also expecting a regulation regarding the index criteria. MSCI's evaluation of Turkey in November is important. With the removal of manipulators, there will be a more transparent market. If S&P's rating outlook is not lowered, the market may become more suitable for foreign investors."
PUBLIC OFFERINGS SHOULD BE INSPECTED
According to economist Emre Şirin, these declines are the current public offering order that creates the conditions for the crisis. Sirin said:
"The issue was not the right companies and the growth of the people with them. It was about the companies not going bankrupt, because if they go bankrupt, unemployment will increase even more, neither the company nor the unemployed will be able to pay their loans, and there will be social chaos. They wanted free capital and the company's coffers would be filled. If there was a loss, it was viewed as 'we took the investment risk'."
Stating that it was a company that applied for a public offering and declared concordat before it was offered to the public, Şirin emphasized that existing public offerings should be thoroughly investigated in their new applications, and argued that powerful companies and the stock market in general were undermined and wealth was transferred.
THE INSPECTION BOARD WILL INVESTIGATE
TREASURY and Finance Minister Mehmet Şimşek assigned the inspection board to conduct a preliminary examination and investigation on former Capital Markets Board (CMB) Chairman İbrahim Ömer Gönül, within the scope of the fund investigation.
According to the information obtained from the sources of the Ministry of Treasury and Finance, Şimşek was appointed due to the fund investigation carried out by the prosecutor's office.
In this context, upon the prosecutor's office's request for permission to investigate former CMB Chairman Gönül, Şimşek asked the inspection board to conduct an investigation in accordance with the relevant legislation on Friday.
