Capital Flows in July: Tüpraş Sees Influx as YKB Faces Major Selloff

Foreign investor activity on the Borsa Istanbul in July 2026 approached a near-perfect balance, yet revealed a striking divergence in sectoral preferences. While foreign capital honed in on the energy giant, a significant wave of liquidation swept through the banking sector.

Hunger for Energy: Tüpraş Takes the Lead

The most compelling data of the month came from the sector's locomotive, Tüpraş. Foreign investors heavily weighted this stock, driven by expectations regarding crude oil demand and refinery margins:

■Total buying in TUPRS shares reached $2.06 billion.

■Selling remained limited at $1.76 billion.

■Consequently, a net foreign entry of $292.1 million was achieved in the stock.

Banking Sector Jitters: Record Exit from YKB

Contrary to the interest in energy stocks, cold winds blew over the banking front. July data reveals that foreigners executed their highest net sale in Yapı ve Kredi Bankası (YKBNK). This exit once again brings to light the banking sector's sensitivity to fluctuations in Net Interest Margins (NIM).

Sectoral Equilibrium: Aviation and Conglomerate Power

The polarization between energy and banking was balanced by the performance of aviation and holding giants. Foreign investors reflected their global growth expectations in the following stocks:

■In Turkish Airlines (THYAO), $3.59 billion in buying was met with $3.47 billion in selling; a net purchase of $117.6 million occurred.

■The search for safe havens in Koç Holding (KCHOL) continued, recording a net foreign purchase of $116.9 million.

Rüzgar Ersoy Analysis: The July data clearly demonstrates how foreign risk appetite in Turkey is reshaping on a sectoral basis. The concentration in Tüpraş indicates that refinery margins remain attractive despite volatility in energy prices. Conversely, the selling pressure on YKB appears to be a reflection of the pressure exerted by macroeconomic uncertainties and digital transformation costs on Capital Adequacy Ratio (CAR) dynamics within the banking sector. Foreign investors are moving away from a "steady grinding" strategy and pivoting towards industrial and aviation giants capable of protecting margins.