Six-Week Raid of Foreign Capital: $1.6 Billion Inflow and Portfolio Rotation

Data from the Central Bank of the Republic of Turkey (TCMB) reveals that for the week of July 20-24, 2026, foreign investors further solidified their position on Borsa Istanbul, extending a six-week buying streak with a net purchase of 38.9 million USD, adjusted for price and exchange rate effects. During this period, the total net stock purchase by foreigners reached 790 million USD, while the cumulative net purchase since the beginning of 2026 was recorded at 1 billion 589 million USD. The total market value of foreign investors' equity stock portfolio rose again to a significant threshold of 41.4 billion USD as of July 24.

Sustainable Inflow and Annual Overview

Foreign activity in the market points to a steady accumulation process, contrary to short-term speculative exits. When the data depth is examined, the following key macro data stand out:

■Net purchase in the last 6-week period: 790 million USD.

■Cumulative net entry since the beginning of 2026: 1 billion 589 million USD.

■Total portfolio value of foreign investors: 41.4 billion USD.

Top of the Radar: GSRAY and OBAMS

The stocks where the foreign settlement share increased the fastest in the BIST 100 index clearly show where smart money's focus has shifted. The stock with the highest weekly increase in foreign settlement share was GSRAY, where the foreign settlement share rose by 34.42% weekly to 0.92%. The fact that the stock's free float is 39.96% suggests this rally could be a precursor to a potential squeeze. A similar strong buying momentum was observed in OBAMS; here, foreign settlement increased by 33.21%, bringing the foreign share to 4.26%.

Foreign Exit from BALSU

Contrary to the momentum on the buying side, a severe wave of exit prevailed in some stocks. The stock where foreign investors reduced their settlement share the most in BIST 100 was identified as BALSU. In the said stock, the weekly change in foreign settlement share showed a shocking drop of -57.22%, while the total share of foreigners in the stock retreated to a limited level of 0.79%. The fact that the stock's free float is 57.19% indicates that the pressure of this exit could be felt more deeply per share.

Looking at market depth data and intermediary distributions (AKD), I see that these sharp volume increases in GSRAY and OBAMS are not random. This is likely an accumulation phase taking place through dark pools without disrupting spot market liquidity. The sharp exit in BALSU, however, could be an early warning signal that risk appetite is shifting sector-based rather than a general market exit.