An investigation into unusual price movements in Borsa Istanbul led to the detention of 17 individuals.

The Istanbul Chief Public Prosecutor’s Office initiated an investigation into manipulative price movements in the stock market on February 23.

Teams combating financial crimes conducted operations in different cities related to identified individuals.

It was reported that 17 individuals were detained as part of the investigation, which is still ongoing.

WHAT HAPPENED? In February, reports were made of unusual price movements in Borsa Istanbul. In response to the reports, the Chief Public Prosecutor’s Office took action and initiated an investigation. The Capital Markets Board (CMB) also announced that it had initiated inspections of all institutions’ transactions. The statement from the CMB mentioned that “Legal actions/investigations against those who deliberately and deceptively create purposeful and misleading news causing unusual price and volume movements or those who spread such news have been promptly initiated.”

Following sudden declines, Borsa Istanbul decided to implement the upward tick rule in short-selling transactions in the BIST 50 index.

STOCK MARKET SITUATION

The BIST 100 index in Borsa Istanbul surged nearly 4% yesterday after the inflation data, surpassing the 10,000 points mark for the first time in about a month.

The index traded flat at 9,905 points today.