Borsa Istanbul Imposes Gross Settlement and Short‑Sale Ban on Gundogdu Food and Karsan Automotive Shares

Borsa Istanbul has imposed a gross settlement regime on Gundogdu Food Agriculture Energy Mining Construction Contracting Industry and Trade Inc. (GUNDG.E) and a short‑sale and margin ban on Karsan Automotive Industry and Trade Inc. (KARCL.E) from August 11, 2026 through September 10, 2026.

Gross Settlement Window for Gundogdu Food

■Trades will be settled on a gross basis from the start of the session on August 11, 2026 until the close of the session on September 10, 2026.

■Existing VBTS‑related short‑sale and margin restrictions will remain in force throughout the gross‑settlement period.

■The measure aims to curb trading volume and preserve price stability.

Short‑Sale and Margin Freeze for Karsan Automotive

■From August 11, 2026 to September 10, 2026, Karsan Automotive shares will be barred from short‑selling and margin‑based transactions.

■The restriction is designed to soften the stock’s liquidity profile and reduce short‑term volatility risk.

■Investors are expected to adapt their position‑management strategies accordingly.

Anticipated Impact on Liquidity and Volatility

■The combined gross‑settlement and trading bans could shave roughly 15‑20% off daily volumes for GUNDG.E and KARCL.E.

■Once the restrictions lift, a rebound in volume and a brief price‑spike are likely.

■Market participants may reprice risk premiums for peers in the same sectors.

Markets typically view such temporary liquidity tightening as a short‑term volatility trigger with a medium‑term stabilising intent. Against the backdrop of tightening SME credit and central‑bank policy, equity‑specific risk perception is likely to rise. Investors should consider diversifying and hedging liquidity risk to rebalance their portfolios. – Kerem Tufan, Director of Commercial Credit and Central Bank Policies