Salg\u0131n tesiriyle h\u00fck\u00fcmetlerin ve merkez bankalar\u0131n\u0131n ekonomileri ayakta tutmak ismine mali te\u015fvikler, nakd\u00ee geni\u015fleme ve tarihi d\u00fc\u015f\u00fck faizler sunmas\u0131yla para bollu\u011fu yarat\u0131l\u0131rken pay senetlerinin pahas\u0131 yarat\u0131lan global gelirin \u00fczerine \u00e7\u0131kt\u0131.<\/p>\n
Bu durum pay senetlerinde balon riskini yine g\u00fcndeme getirdi.<\/p>\n
Para bollu\u011fu getiri arayan yat\u0131r\u0131mc\u0131lar\u0131 ve fonlar\u0131 Borsalara \u00e7ekerken y\u0131l sonuna ger\u00e7ek \u015firketlerin ve endekslerin piyasa bedelleri tarihi tepelere \u00e7\u0131kt\u0131. Global piyasalardaki pay senetlerinin toplam k\u0131ymetini \u00f6l\u00e7en endeks (Bloomberg World Exchange Market Capital Index) tarihinde birinci sefer 100 trilyon dolar\u0131 a\u015ft\u0131.<\/p>\n
Endekslerin toplam piyasa bedelinin global gelire oran\u0131 y\u00fczde 115 d\u00fczeyine ula\u015ft\u0131. Bu oran\u0131n Warren Buffett g\u00f6stergesinin epey \u00fczerinde oldu\u011funun alt\u0131n\u0131 \u00e7izdi. Bu oran en son 2007 y\u0131l\u0131nda y\u00fczde 120 d\u00fczeyinin \u00fczerine \u00e7\u0131km\u0131\u015ft\u0131.<\/p>\n
\u201cBuffett g\u00f6stergesi\u201d halka a\u00e7\u0131k pay senetlerinin toplam pahas\u0131n\u0131 \u00fc\u00e7er ayl\u0131k GSY\u0130H say\u0131s\u0131na oranlanmas\u0131yla elde ediliyor. Yat\u0131r\u0131mc\u0131lar, bu g\u00f6stergeyi borsan\u0131n, iktisad\u0131n b\u00fcy\u00fckl\u00fc\u011f\u00fcne nazaran \u00e7ok de\u011ferlenip de\u011ferlenmedi\u011fini yahut k\u0131ymetinin d\u00fc\u015f\u00fck olup olmad\u0131\u011f\u0131n\u0131 \u00f6l\u00e7mek i\u00e7in kullan\u0131yor.<\/p>\n
Endekslerin pahas\u0131 61 trilyon dolara kadar gerilemi\u015fti<\/strong><\/p>\n 2020 y\u0131l\u0131n\u0131n ba\u015flar\u0131nda pandemi \u00f6ncesinde yakla\u015f\u0131k 90 trilyon dolar d\u00fczeylerinde bulunan d\u00fcnya borsalar\u0131n\u0131n piyasa k\u0131ymeti; artan salg\u0131n tasas\u0131 ile y\u00fczde 30 oran\u0131nda geri \u00e7ekilerek 61 trilyon dolara kadar inmi\u015fti. Te\u015fvik paketleri ve merkez bankalar\u0131n\u0131n ataklar\u0131yla artan para bollu\u011fu global pay senetlerinin piyasa pahalar\u0131n\u0131 Mart taban\u0131ndaki d\u00fczeyden y\u00fczde 63 oran\u0131nda art\u0131rarak 100 trilyon dolar\u0131n \u00fczerine \u00e7\u0131kard\u0131. <\/p>\n 100 trilyon dolar piyasa bedelinin \u00fczerinin \u00e7\u0131kan endekslerin alt k\u0131r\u0131mlar\u0131na bak\u0131ld\u0131\u011f\u0131nda; Yaln\u0131zca Wall Street ve \u00c7in borsalar\u0131n\u0131n piyasa pahas\u0131n\u0131n bu say\u0131n\u0131n y\u00fczde 50\u2019den fazlas\u0131n\u0131 olu\u015fturdu\u011fu g\u00f6r\u00fcl\u00fcyor. Wall Street\u2019te piyasa bedeli 41,5 trilyon dolar d\u00fczeyindeyken, \u00c7in borsalar\u0131nda bu say\u0131 10,6 trilyon dolar. Bu endeksleri takiben Japonya, Hong Kong, \u0130ngiltere, Fransa ve Kanada piyasa k\u0131ymeti en y\u00fcksek endeksler olarak yer al\u0131yor. En b\u00fcy\u00fck 15 \u00fclke endekslerinin toplam piyasa pahas\u0131 88,4 trilyon dolar iken geriye kalan 72 \u00fclkenin toplam piyasa bedeli yaln\u0131zca 12 trilyon dolar.<\/p>\n ABD’de teknoloji paylar\u0131 tart\u0131s\u0131<\/strong><\/p>\n Wall Street 41,5 trilyon dolar ile toplam piyasa k\u0131ymetinin kabaca y\u00fczde 41\u2019ini olu\u015ftururken, bu say\u0131lar\u0131n b\u00fcy\u00fck bir \u00e7o\u011funlu\u011funu teknoloji paylar\u0131 sa\u011fl\u0131yor. Apple, Microsoft, Amazan.com, Alphabet ve Facebook\u2019un toplam piyasa k\u0131ymeti 7,3 trilyon dolar ile Wall Street\u2019in y\u00fczde 18\u2019ini, global endekslerin piyasa bedelinin ise y\u00fczde 7,3\u2019\u00fcne kar\u015f\u0131l\u0131k geliyor.<\/p>\n \u00c7in men\u015feili teknoloji \u015firketleri olan Alibaba, Tencent, China Mobile ve Xiaomi\u2019nin toplam piyasa pahas\u0131 ise 1,7 trilyon dolar.<\/p>\n Bu endeks i\u00e7erisinde T\u00fcrkiye borsas\u0131n\u0131n piyasa pahas\u0131na bakt\u0131\u011f\u0131m\u0131zda ise; 2020 y\u0131l\u0131n\u0131n Ocak ay\u0131n\u0131n son g\u00fcnlerinde 230 milyar dolarken pandemi tesiriyle bu say\u0131 Mart ay\u0131nda 124 milyar dolara kadar geriledi. Devam\u0131nda sanayi ve perakende \u015firketleri \u00f6nc\u00fcl\u00fc\u011f\u00fcnde y\u00fczde 70 oran\u0131nda art\u0131\u015fla 211 milyar dolar d\u00fczeyine y\u00fckseldi. <\/p>\n<\/p>\n Bloomberg HT<\/span><\/p>\n","protected":false},"excerpt":{"rendered":" Salg\u0131n tesiriyle h\u00fck\u00fcmetlerin ve merkez bankalar\u0131n\u0131n ekonomileri ayakta tutmak ismine mali te\u015fvikler, nakd\u00ee geni\u015fleme ve tarihi d\u00fc\u015f\u00fck faizler …<\/p>\n","protected":false},"author":1,"featured_media":16287,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[318,1845],"class_list":["post-16286","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-ekonomi","tag-kuresel","tag-rakam"],"yoast_head":"\n