Foreign holdings of Turkish securities fall to $143.2 billion in four weeks
Most of the $10.2 billion drop came from lower valuations, CBRT data show, while net sales of domestic corporate and bank debt were $1.3 billion.
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Foreign investors' holdings of Turkish shares and debt securities fell to $143.2 billion in the week to 9 October from $153.4 billion on 11 September, the Central Bank of the Republic of Türkiye (CBRT) reported in weekly securities statistics.
Most of the $10.2 billion decline came from falling market values rather than outright selling, but non-residents were net sellers in three of the four most recent weeks. The data, which the central bank releases provisionally at the end of the week after the reference period, cover holdings at market value and net transactions adjusted for price and exchange rate effects, its statistics page says.
Equities drive the fall in value
Non-resident holdings in Türkiye's domestic market fell to $56.0 billion from $65.0 billion over the four weeks. The value of their equity holdings dropped by $6.5 billion to $35.9 billion, while net equity transactions over the four weeks to 9 October amounted to sales of only $189.3 million, on the Data Desk's sum of the weekly figures in the CBRT tables. The gap indicates that lower share prices and exchange rate moves, not withdrawals, account for most of the decline.
Outright holdings of government domestic debt securities fell to $17.0 billion from $18.1 billion. Net transactions swung between weeks: non-residents sold $113.6 million, $409.9 million and $484.7 million in the weeks to 18 September, 25 September and 2 October, then bought $451.1 million in the week to 9 October, the tables show.
Corporate and bank paper sold
The sharpest selling was in domestic debt issued by companies, banks and other financial institutions. Non-resident holdings of that paper fell to $3.1 billion from $4.4 billion, and net sales over the four weeks to 9 October totalled about $1.3 billion, including $479.7 million in the latest week.
In the international market, non-resident holdings of Turkish issuers' eurobonds were broadly stable at $87.2 billion, against $88.4 billion on 11 September. Holdings of general government issues were $46.6 billion and of bank issues $22.6 billion. Net transactions in government eurobonds were volatile, with purchases of $928.5 million in the week to 2 October followed by sales of $741.0 million in the week to 9 October, the statistics show.
Households step in at home
The holder breakdown of government domestic debt securities shows a shift on the domestic side. Households' holdings at face value rose to TRY 687.5 billion on 9 October from TRY 574.2 billion on 11 September, an increase of about 20 per cent in four weeks. The rest of the world's holdings fell to TRY 816.1 billion from TRY 850.6 billion over the same period, the CBRT data show.
The total stock of government domestic debt securities rose 5.7 per cent to TRY 10,115.1 billion at face value. Banks held TRY 5,118.0 billion, pension funds TRY 996.6 billion and the central bank TRY 514.2 billion, the holder table shows. On the Data Desk's calculation, the share held by non-residents slipped to about 8.1 per cent from 8.9 per cent on 11 September.
Method: four-week net flows are the sums of the weekly net transaction figures for the weeks ending 18 September to 9 October. Stocks are at market value in dollars for Table 1 and at face value in lira for the holder breakdown. The central bank notes that each week's figures are provisional and that the previous week's data are subject to revision, so totals may change in later releases, the publication says.
The next weekly release will show whether the return of non-resident buying of government bonds in the week to 9 October continued, and whether selling of domestic corporate and bank paper has slowed.