{"id":3913,"date":"2011-08-09T01:27:03","date_gmt":"2011-08-08T22:27:03","guid":{"rendered":"http:\/\/www.bilgeyatirimci.com\/?p=3913"},"modified":"2011-08-09T01:27:03","modified_gmt":"2011-08-08T22:27:03","slug":"imkbdeki-dusus-mantikli-mi","status":"publish","type":"post","link":"https:\/\/www.bilgeyatirimci.com\/i\/imkbdeki-dusus-mantikli-mi\/","title":{"rendered":"\u0130MKB&#8217;deki D\u00fc\u015f\u00fc\u015f Mant\u0131kl\u0131 m\u0131?"},"content":{"rendered":"<p>D\u00fc\u015f\u00fc\u015f Merkez&#8217;in a\u00e7\u0131klamalar\u0131n\u0131n yanl\u0131\u015f anla\u015f\u0131lmas\u0131ndan m\u0131 kaynaklan\u0131yor? \u0130MKB seanslar\u0131 durdurulmal\u0131 m\u0131?<\/p><div class=\"bilge-yaziust\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-1709832691\"><ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-7495567325667578\"\r\n     data-ad-slot=\"9580705384\"\r\n     data-ad-format=\"rectangle\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n(adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p>ABD&#8217;de ya\u015fanan bor\u00e7lanma limiti ve AAA\u00a0kredi notunun d\u00fc\u015f\u00fcr\u00fclmesi, Avrupa&#8217;da ise krizin ceza sahas\u0131na girebilece\u011fi korkusu, \u00f6nce ABD borsas\u0131n\u0131 ard\u0131ndan Avrupa borsalar\u0131n\u0131 sallad\u0131.<\/p>\n<p>Fakat ilgin\u00e7tir ki, kamu borcu sorunu bulunmayan, Avrupa ve ABD&#8217;nin aksine bankalar\u0131 ta\u015f gibi sa\u011flam bir finansal b\u00fcnyeye sahip olan T\u00fcrkiye&#8217;nin finansal kalbi, b\u00fct\u00fcn borsalar\u0131n iki kat\u0131 tekledi.<\/p>\n<p>Merkez Bankas\u0131&#8217;n\u0131n para politikas\u0131nda yapt\u0131\u011f\u0131 de\u011fi\u015fikli\u011finin ard\u0131ndan h\u0131zlanan sat\u0131\u015flar asl\u0131nda ortada garip bir durum oldu\u011funa i\u015faret ediyordu. Neden \u0130MKB, ikinci kez batma noktas\u0131na gelip ikinci kez kurtar\u0131lan Yunanistan&#8217;\u0131n borsas\u0131 kadar d\u00fc\u015f\u00fcyor? Neden Avrupa borsalar\u0131ndaki d\u00fc\u015f\u00fc\u015f\u00fc 3&#8217;e hatta 4&#8217;e katl\u0131yor?<\/p>\n<p>Cuma g\u00fcn\u00fc y\u00fczde 5&#8217;in \u00fczerinde de\u011fer yitiren endeksin, hafta baz\u0131ndaki kayb\u0131 y\u00fczde 10&#8217;a ula\u015fm\u0131\u015ft\u0131. Bug\u00fcnk\u00fc kay\u0131pla birlikte d\u00fc\u015f\u00fc\u015f trendinin ba\u015flad\u0131\u011f\u0131 7 g\u00fcn i\u00e7erisindeki kay\u0131p y\u00fczde 14&#8217;\u00fc a\u015ft\u0131. Ayn\u0131 d\u00f6nemde Yunan borsas\u0131 da yakla\u015f\u0131k y\u00fczde 15 de\u011fer yitirdi. Yani \u0130MKB bu 7 g\u00fcnl\u00fck s\u00fcre\u00e7te Yunan borsas\u0131 kadar de\u011fer yitirdi.<\/p>\n<p>Sat\u0131\u015flar\u0131n ikinci seansta da s\u00fcrd\u00fc\u011f\u00fc borsada kay\u0131plar saat 16:02 itibariyle y\u00fczde 7&#8217;ye yakla\u015ft\u0131. 53 bin seviyesinin de alt\u0131na gelen endeks 52.200&#8217;lerde tutunma \u00e7abas\u0131 veriyor.<\/p>\n<p>Ortada bir panik sorunu oldu\u011fu verilerden anla\u015f\u0131l\u0131yordu. Fakat d\u00fc\u015f\u00fc\u015f\u00fcn sakinle\u015fmesi konusunda piyasa girdi\u011fi psikozdan bir t\u00fcrl\u00fc \u00e7\u0131kam\u0131yordu.<\/p>\n<p>\u0130\u015fte bu psikolojiyi ve bunu engelleyebilecek psikolojik \u00f6nlemleri piyasa uzmanlar\u0131na sorduk. K\u00fc\u00e7\u00fck yat\u0131r\u0131mc\u0131y\u0131 temsilen konu\u015fan\u00a0BORYAD\u00a0Ba\u015fkan\u0131 Ali Bah\u00e7uvan, Ba\u015fbakan Erdo\u011fan&#8217;\u0131n \u00e7ok y\u00fcksek g\u00fcven katsay\u0131s\u0131 nedeniyel Ba\u015fbakan&#8217;\u0131n \u00e7\u0131k\u0131p telkin mesajlar\u0131 vermesi \u00f6nerisini s\u00f6yl\u00fcyor. Piyasan\u0131n do\u011frudan i\u00e7inden bir isim olan Figen \u00d6zavc\u0131 ise piyasan\u0131n tamamen bir ileti\u015fim kazas\u0131 nedeniyle d\u00fc\u015ft\u00fc\u011f\u00fc inanc\u0131nda. Onun \u00f6nerisi ise Avrupa&#8217;da \u00e7ok s\u0131k kullan\u0131lan seans durdurma.<\/p><div class=\"bilge-content-1\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-2676289441\"><ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-7495567325667578\"\r\n     data-ad-slot=\"3167340272\"\r\n     data-ad-format=\"rectangle\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n(adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p>\u00d6zavc\u0131&#8217;n\u0131n \u00f6nerisi sadece yanl\u0131\u015f alg\u0131lamay\u0131 d\u00fczeltmenin \u00f6tesinde asl\u0131nda bir ba\u015fka kritik sorunu da \u00e7\u00f6zebilecek nitelikte g\u00f6r\u00fcn\u00fcyor. Piyasa uzmanlar\u0131n\u0131n hemen hemen hepsinin ortak kanaati, borsadaki a\u015f\u0131r\u0131 h\u0131zl\u0131 d\u00fc\u015f\u00fc\u015f\u00fcn sebebi sadece panik. Fakat piyasada a\u00e7\u0131\u011fa sat\u0131\u015f yapan baz\u0131 oyuncular d\u00fc\u015f\u00fc\u015f d\u00f6nemlerinde bunu k\u00e2ra \u00e7evirmeye \u00e7al\u0131\u015ft\u0131\u011f\u0131 i\u00e7in d\u00fc\u015f\u00fc\u015f olmas\u0131 gerekenden misli misli fazla ger\u00e7ekle\u015fiyor. Son d\u00fc\u015f\u00fc\u015fte a\u00e7\u0131\u011fa sat\u0131\u015f\u00e7\u0131lar\u0131n d\u00fc\u015f\u00fc\u015f\u00fcn restle\u015fmesinde yine b\u00fcy\u00fck rol\u00fc oldu\u011fu gelen bilgiler aras\u0131nda. Seans durdurma, a\u00e7\u0131\u011fa sat\u0131\u015f\u00e7\u0131lar\u0131 a\u00e7\u0131kta kalma korkusuyla dizginleyebilecek bir y\u00f6ntem olarak nitelendiriliyor. Bah\u00e7uvan da seans durdurman\u0131n ugyulanabilece\u011fi kanaatinde.<\/p>\n<p>\u0130\u015fte HABERTURK.COM&#8217;un uzmanlardan ald\u0131\u011f\u0131 yan\u0131tlar&#8230;<\/p>\n<p><strong>Delta Menkul De\u011ferler Genel M\u00fcd\u00fcr Yard\u0131mc\u0131s\u0131 Figen \u00d6zavc\u0131<\/strong><\/p>\n<p><strong>D\u00dc\u015e\u00dc\u015e MANTIKSIZ; DURGUNLUK SORUNU YOK, L\u0130K\u0130D\u0130TE SORUNU VAR<\/strong><\/p><div class=\"bilge-content-2\" style=\"margin-top: 10px;margin-bottom: 10px;\" id=\"bilge-4164584253\"><ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-7495567325667578\"\r\n     data-ad-slot=\"1818807385\"\r\n     data-ad-format=\"rectangle\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n(adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><\/div>\n<p>Merkez Bankas\u0131&#8217;n\u0131n son politika kararlar\u0131 piyasalar ve bir\u00e7ok uzman taraf\u0131ndan yanl\u0131\u015f anla\u015f\u0131ld\u0131. Sanki\u00a0Merkez Bankas\u0131&#8217;n\u0131n faiz indirimi ve zorunlu kar\u015f\u0131l\u0131k oranlar\u0131n\u0131 d\u00fc\u015f\u00fcrme kararlar\u0131n\u0131 bir durgunluk korkusuyla yapt\u0131\u011f\u0131 d\u00fc\u015f\u00fcn\u00fcld\u00fc. Halbuki Erdem Ba\u015f\u00e7\u0131&#8217;n\u0131n a\u00e7\u0131klamalar\u0131 bu \u00e7ok net bir \u015fekilde g\u00f6steriyor ki kararlar\u0131n nedeni bir durgunluk korkusu de\u011fil, Avrupa&#8217;da olu\u015fan bir likidite sorunu.<br \/>\n\u00c7\u00fcnk\u00fc son geli\u015fmeler \u00fczerine Avrupa&#8217;da bir kaos senaryosu \u00e7al\u0131\u015fmaya ba\u015flad\u0131. Bankalar birbirinde ne kadar Yunan tahvili oldu\u011funu bilmedi\u011fi i\u00e7in aynen 2008&#8217;deki subprime mortgage krizinde oldu\u011fu gibi birbirine g\u00fcvenmiyor ve kredi hatlar\u0131n\u0131 kapat\u0131yor. Yani birbirine bor\u00e7 vermiyor. Bu da bir likidite sorunu yarat\u0131yor.<\/p>\n<p>Ayr\u0131ca ge\u00e7en haftan\u0131n son g\u00fcnlerinde 2008 krizinde yumu\u015fak ge\u00e7i\u015fi sa\u011flayan ABD&#8217;den Avrupa&#8217;ya (FED&#8217;ten Avrupa\u00a0Merkez Bankas\u0131&#8217;na) swap hatt\u0131n\u0131 bu defa a\u00e7mayaca\u011f\u0131n\u0131 s\u00f6yledi\u011fi y\u00f6n\u00fcnde bir dedikodu yay\u0131ld\u0131.<\/p>\n<p>Fakat bunlar\u0131n hi\u00e7birinin olmayaca\u011f\u0131 ve piyasalara merkez bankalar\u0131 taraf\u0131ndan likidite verilece\u011fi ortaya \u00e7\u0131km\u0131\u015f oldu.<\/p>\n<p>Dolay\u0131s\u0131yla Merkez&#8217;in karar\u0131 asl\u0131nda bu riske y\u00f6nelikti. Durgunlu\u011fa y\u00f6nelik de\u011fil.<\/p>\n<p>\u015eimdi tekrar ba\u015fa d\u00f6nm\u00fc\u015f olduk. Yani nedir? Piyasalarda likidite bollu\u011fu ya\u015fanacak.<\/p>\n<p>Fakat bu s\u00fcre\u00e7teki yanl\u0131\u015f alg\u0131lama, Merkez&#8217;in karar\u0131n\u0131n sebebiyle ilgili bir ileti\u015fim kazas\u0131 y\u00fczde 12 d\u00fc\u015f\u00fcrd\u00fc \u0130MKB&#8217;yi.<\/p>\n<p><strong>SEANS DURDURULMALI<\/strong><br \/>\nBu sorunu \u00e7\u00f6zmek i\u00e7in bence d\u00fczenleyici kurumlar harekete ge\u00e7meliydi. H\u00e2l\u00e2 da ge\u00e7meliler. Di\u011fer \u00fclkelerin borsalar\u0131nda bu t\u00fcrden yanl\u0131\u015f anlama d\u00f6nemlerinde veya alg\u0131lamalar\u0131n pani\u011fe d\u00f6n\u00fc\u015ft\u00fc\u011f\u00fc durumlarda tedbir olarak borsa seanslar\u0131 kapan\u0131r. Sonu\u00e7ta T\u00fcrkiye&#8217;de de bir kriz s\u00f6zkonusu de\u011fil. E\u011fer seans durdurulursa insanlara daha sa\u011fl\u0131kl\u0131 d\u00fc\u015f\u00fcnme ve ger\u00e7ek manzaray\u0131 g\u00f6rme f\u0131rsat\u0131 yarat\u0131lm\u0131\u015f olur. \u00c7\u00fcnk\u00fc mevcut durumda yat\u0131r\u0131mc\u0131lar\u0131n do\u011fru fiyat alg\u0131s\u0131 kayboluyor.<\/p>\n<p>bu nedenle \u0130MKB y\u00f6netimi, seans durdurmay\u0131 bir tedbir olarak g\u00f6z\u00f6n\u00fcne almal\u0131. Sonu\u00e7ta son dalgalanmada da Kore, \u0130srail gibi \u00fclkeler seans\u0131 durdurdu ve bu y\u00f6ntem d\u0131\u015far\u0131da \u00e7ok s\u0131kl\u0131kla kullan\u0131lan bir tedbir.<\/p>\n<p><strong>Borsa Yat\u0131r\u0131mc\u0131lar\u0131 Derne\u011fi (BORYAD) Ba\u015fkan\u0131 Ali Bah\u00e7uvan<\/strong><\/p>\n<p><strong>&#8220;BORSA KAPATMALARI PAN\u0130\u011e\u0130N \u00d6N\u00dcNE GE\u00c7ER&#8221;<\/strong><br \/>\nBah\u00e7uvan, global piyasalardan kaynaklanan panik ortamlarda borsalar\u0131n ge\u00e7ici bir s\u00fcreli\u011fine kapat\u0131labilece\u011fini bunun ise k\u00fc\u00e7\u00fck yat\u0131r\u0131mc\u0131n\u0131n daha fazla zarar g\u00f6rmesinin \u00f6n\u00fcne ge\u00e7ece\u011fini dile getirdi. Yar\u0131m saatlik ya da 15 dakikal\u0131k i\u015flem kapatmalar\u0131n\u0131n ABD, G\u00fcney Kore ve di\u011fer baz\u0131 \u00fclkelerde uyguland\u0131\u011f\u0131na i\u015faret eden Bah\u00e7uvan, &#8220;Panik ge\u00e7ene kadar bunlar\u0131n uygulanmas\u0131 gerekti\u011fini d\u00fc\u015f\u00fcn\u00fcyorum&#8221; dedi.<\/p>\n<p>ABD&#8217;de ya\u015fanan tombul parmak \u00f6rne\u011fini de veren Bah\u00e7uvan, bu gibi durumlarda dahi piyasalar\u0131n kapat\u0131ld\u0131\u011f\u0131n\u0131 aktard\u0131. Yaln\u0131z T\u00fcrkiye&#8217;de 10-15 senedir b\u00f6yle bir uygulaman\u0131n bulunmad\u0131\u011f\u0131n\u0131 aktaran Ali Bah\u00e7uvan \u015funlar\u0131 aktard\u0131:<br \/>\n&#8220;2008 krizinde bile b\u00f6yle bir uygulama \u0130MKB&#8217;de yap\u0131lmad\u0131. Bizde piyasalar\u0131n b\u00fct\u00fcn geli\u015fmelere a\u00e7\u0131k olduu\u011f imaj\u0131 yarat\u0131lmaya \u00e7al\u0131\u015f\u0131l\u0131yor. Ve d\u0131\u015fardan hi\u00e7bir m\u00fcdahalede bulunulmuyor. En son 1998 y\u0131l\u0131nda ya\u015fad\u0131\u011f\u0131m\u0131z b\u00fcy\u00fck depremde kapal\u0131 g\u00fcnler ya\u015fad\u0131k. Ondan sonra da teknik nedenler d\u0131\u015f\u0131nda hi\u00e7bir m\u00fcdahalede bulunulmad\u0131.<br \/>\nA\u00e7\u0131k\u00e7as\u0131 bizim piyasam\u0131z bazen \u00e7ok panik ya\u015fayabiliyor. Birden h\u0131zla rekorlar k\u0131rarken, bazen de sert d\u00fc\u015f\u00fc\u015fler ya\u015fayabiliryor. Buy\u00fczden Amerika bunu yap\u0131yorsa biz de yapabiliriz. Bunun bir m\u00fcdahale olarak de\u011ferlendirilemeyece\u011fini d\u00fc\u015f\u00fcn\u00fcyorum. Ama\u00e7 oradaki panik psikolojini k\u0131rmak. Durdurman\u0131n amac\u0131 budur. Nihayetinde fiyatlar gitmesi gereken yere gidecektir. K\u0131sa vadeli de olasa yat\u0131r\u0131mc\u0131lar\u0131n hissseleri \u00e7ok ucuza al\u0131p \u00e7ok ucuza satmalar\u0131n\u0131n \u00f6n\u00fcne ge\u00e7ilmi\u015f olunacak.<\/p>\n<p><strong>&#8220;BA\u015eBAKAN KONU\u015eURSA KAN KAYBI AZALIR&#8221;<\/strong><br \/>\nTabii burada en \u00f6nemli g\u00f6rev Ba\u015fbakan&#8217;a ge\u00e7iyor. Ba\u015fbakan&#8217;\u0131n a\u00e7\u0131klamalar\u0131 ger\u00e7ekten piyasalar taraf\u0131ndan en son yapt\u0131\u011f\u0131 a\u00e7\u0131klamalar\u0131n ard\u0131ndan daha da izlenir oldu. O y\u00fczden bu kan kayb\u0131n\u0131 azalt\u0131r diye d\u00fc\u015f\u00fcn\u00fcyorum. \u00c7\u00fcnk\u00fc, piyasalarda kimin g\u00fcven katsay\u0131s\u0131 y\u00fcksekse onun taraf\u0131ndan yap\u0131lan a\u00e7\u0131klamalar daha etkili oluyor. Bu y\u00fczden Ba\u015fbakan&#8217;\u0131n a\u00e7\u0131klamalar\u0131 \u00e7ok b\u00fcy\u00fck \u00f6neme sahip. Yani h\u00fck\u00fcmetin bu durumda hasta \u00e7ocu\u011fu iyile\u015ftirmek i\u00e7in biraz daha aktif olmas\u0131 gerekiyor.<br \/>\nAyr\u0131ca, borsadaki ma\u011fduriyet sorunlar\u0131n\u0131n \u00e7\u00f6z\u00fclmesi de bir \u00e7ok yat\u0131r\u0131mc\u0131y\u0131 tekrar piyasaya \u00e7ekecek ve bu da piyasaya para giri\u015finih\u0131zland\u0131racakt\u0131r.&#8221;<\/p>\n<p>kaynak<\/p>\n<p><a href=\"http:\/\/ekonomi.haberturk.com\/\" data-wpel-link=\"external\" target=\"_blank\" rel=\"nofollow external noopener\">http:\/\/ekonomi.haberturk.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>D\u00fc\u015f\u00fc\u015f Merkez&#8217;in a\u00e7\u0131klamalar\u0131n\u0131n yanl\u0131\u015f anla\u015f\u0131lmas\u0131ndan m\u0131 kaynaklan\u0131yor? \u0130MKB seanslar\u0131 durdurulmal\u0131 m\u0131? ABD&#8217;de ya\u015fanan bor\u00e7lanma limiti ve AAA\u00a0kredi notunun d\u00fc\u015f\u00fcr\u00fclmesi, Avrupa&#8217;da ise krizin ceza sahas\u0131na girebilece\u011fi&hellip;<\/p>\n","protected":false},"author":2,"featured_media":3914,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[1],"tags":[139],"class_list":["post-3913","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-tumyazilar","tag-finansal-kriz"],"_links":{"self":[{"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/posts\/3913","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/comments?post=3913"}],"version-history":[{"count":0,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/posts\/3913\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/media\/3914"}],"wp:attachment":[{"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/media?parent=3913"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/categories?post=3913"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.bilgeyatirimci.com\/wp-json\/wp\/v2\/tags?post=3913"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}