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Investing.com -- Turkish authorities have taken 17 individuals into custody in relation to an investigation into suspected price manipulation in the nation’s stock market, as reported by local broadcaster NTV. The investigation was initiated on February 23, following a considerable decrease in the stock market on February 21.
The Borsa Istanbul 100 Index, the benchmark index in Turkey, experienced a drop of up to 3.4% on February 21. This significant decrease led the exchange to apply an uptick rule on short-selling, which stipulates that stocks can only be sold short at a price that exceeds the last transaction.
The investigation is centered around allegations of attempts to artificially influence share prices. The individuals were detained following operations conducted across multiple provinces by teams focusing on anti-financial crimes, aiming to target the suspects implicated in these allegations.
In addition to examining these attempts at manipulation, authorities are also investigating claims that misleading news reports may have contributed to the market’s volatility.
Last week, President Recep Tayyip Erdogan pledged to take legal action against those who treat financial markets as if they are without rules or regulations. He stated, "A free market does not mean disorder," reinforcing the government’s commitment to maintaining order and fairness within the financial markets.
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