Turkey’s securities regulator on Thursday ordered the liquidation of 130 investment funds and suspended purchases and redemptions involving funds managed by seven companies on the country’s main electronic fund platform after investors withdrew as much as $1 billion from Turkish funds in a single day.
The rush for cash helped send the country’s main stock index down almost 6 percent.
The Capital Markets Board (SPK) announced that investors could no longer buy or sell funds run by Tera, Pusula, Hedef, Atlas, A1, Pardus and Bulls through Turkey’s main electronic platform for funds transactions. It also named 130 funds managed by those companies that must be wound down under a process it will determine.
The order applies to the…