EROL OYTUN ERCAN<\/strong><\/p>\n 10 y\u0131l vadeli ABD Hazine tahvili faizlerindeki y\u00fckseli\u015fin, alt\u0131ndan sonra pay senetleri \u00fczere g\u00f6rece riskli varl\u0131klarda sat\u0131\u015flara neden olabilece\u011fi d\u00fc\u015f\u00fcn\u00fcl\u00fcrken, geli\u015fen piyasa Borsalar\u0131 ya da kurlar\u0131 da riskten ka\u00e7\u0131nma dalgas\u0131nda kay\u0131p ya\u015fayabilecek varl\u0131klar ortas\u0131nda bulunuyor.<\/p>\n ABD Hazine tahvili faizlerinin \u015eubat ay\u0131 ba\u015f\u0131ndan bu yana kademeli bir halde artmas\u0131 evvel alt\u0131n fiyatlar\u0131nda sert bir d\u00fc\u015f\u00fc\u015fe neden olurken pay piyasalar\u0131 bu y\u00fckseli\u015ften etkilenmemi\u015fti. Lakin kimi yat\u0131r\u0131mc\u0131lar y\u00fckselen tahvil faizlerinin izaf\u00ee riskli varl\u0131klar olan pay piyasalar\u0131 \u00fczerinde bask\u0131 olu\u015fturabilece\u011fini d\u00fc\u015f\u00fcn\u00fcyor.<\/p>\n ABD Hazine tahvili faizleri \u015fubat ay\u0131 ba\u015f\u0131ndan bu yana y\u00fczde 28 y\u00fckselirken alt\u0131n fiyatlar\u0131 t\u0131pk\u0131 m\u00fcddet zarf\u0131nda neredeyse y\u00fczde 3 k\u0131ymet kaybetti.<\/p>\n S&P 500 endeksi ise tahvil faizlerindeki bu y\u00fckseli\u015ften etkilenmeyerek ay ba\u015f\u0131ndan bu yana y\u00fczde 5\u2019ten fazla y\u00fckseli\u015f kaydederken MSCI Geli\u015fen Piyasa Endeksindeki y\u00fckseli\u015f de y\u00fczde 5\u2019i ge\u00e7ti.<\/p>\n “De\u011fi\u015fen para siyaseti duru\u015fu muhafaza olu\u015fturuyor”<\/b><\/p>\n ABD tahvil faizlerindeki y\u00fckseli\u015fin T\u00fcrk varl\u0131klar\u0131n\u0131 ve T\u00fcrk Liras\u0131\u2019n\u0131 nas\u0131l etkileyebilece\u011fini k\u0131ymetlendiren Aberdeen Standard K\u0131demli Yat\u0131r\u0131m M\u00fcd\u00fcr\u00fc James Athey, \u201cE\u011fer ABD Hazine tahvili faizleri y\u00fckselmeye devam ederse ve dolardaki kuvvetlenme e\u011filimi de s\u00fcrerse, bu daha b\u00fcy\u00fck bir riskten ka\u00e7\u0131nma periyodunu beraberinde getirerek riskli varl\u0131k s\u0131n\u0131flar\u0131ndan \u00e7\u0131k\u0131\u015flar\u0131 tetikleyebilir.\u201d dedi.<\/p>\n T\u00fcrkiye\u2019nin geli\u015fen piyasalar ortas\u0131nda en izole mahall\u00ee tahvil piyasalar\u0131ndan birine sahip oldu\u011funu belirten Athey, \u201cSon vakitlerde de\u011fi\u015fen para siyaseti duru\u015fu cazip faiz oranlar\u0131yla birle\u015fti\u011finde y\u00fckselen ABD tahvil faizlerine kar\u015f\u0131 sa\u011flam bir muhafaza olu\u015fturuyor.\u201d diye ekledi.<\/p>\n “Geli\u015fen piyasalarda kay\u0131plar artabilir”<\/b><\/p>\n Monex Europe K\u0131demli Kur Analisti Simon Harvey ise \u00f6zel bir durum olu\u015fmad\u0131k\u00e7a artan tahvil faizleriyle bir arada geli\u015fen piyasa varl\u0131klar\u0131n\u0131n kay\u0131plar\u0131n\u0131n artaca\u011f\u0131n\u0131 belirterek, \u201cT\u00fcrk Liras\u0131 i\u00e7in bug\u00fcn g\u00f6r\u00fcn\u00fcrde bir haber yokken Dolar\/TL kurunun yine 7 d\u00fczeyinin \u00fczerine \u00e7\u0131kmas\u0131 ABD Hazine tahvili faizlerindeki art\u0131\u015f\u0131n yaratt\u0131\u011f\u0131 bask\u0131dan kaynaklan\u0131yor.\u201d dedi.<\/p>\n Artan tahvil faizlerinin izaf\u00ee olarak riskli varl\u0131klar\u0131n cazibesini azaltt\u0131\u011f\u0131n\u0131 vurgulayan Harvey, risk i\u015ftah\u0131 dikkate al\u0131nd\u0131\u011f\u0131nda T\u00fcrk Liras\u0131\u2019n\u0131n \u00f6b\u00fcr geli\u015fen piyasa para \u00fcniteleriyle birlikte daha k\u0131r\u0131lgan bir halde oldu\u011funun alt\u0131n\u0131 \u00e7izdi.<\/p>\n “Son birka\u00e7 g\u00fcne kadar olan y\u00fckseli\u015fler piyasalar\u0131 rahats\u0131z etmedi”<\/b><\/p>\n East Capital Geli\u015fen Piyasalar Fon Y\u00f6neticisi Emre Ak\u00e7akmak, ABD Hazine tahvili faizlerindeki y\u00fckseli\u015fin \u00e7ok d\u00fc\u015f\u00fck bazdan geldi\u011fi i\u00e7in son birka\u00e7 g\u00fcne kadar piyasalar\u0131 fazla rahats\u0131z etmedi\u011fini s\u00f6yledi.<\/p>\n \u201cFed\u2019in bilan\u00e7osunu b\u00fcy\u00fctmeye devam etti\u011fi ve Biden\u2019\u0131n 1,9 trilyon dolarl\u0131k yard\u0131m paketine yakla\u015ft\u0131\u011f\u0131m\u0131z y\u00fcksek likidite ortam\u0131nda, genel manada piyasalar ve geli\u015fen \u00fclke tahvillerinde \u00f6nemli bir hareketlilik g\u00f6rmedik.\u201d diyen Ak\u00e7akmak, Fed\u2019in risk-getiri profilinin daha istikrarl\u0131 hale geldi\u011fiyle ilgili bir yorumda bulunmas\u0131yla k\u0131sa vadede piyasalarda oynakl\u0131\u011f\u0131n artabilece\u011fini belirtti.<\/p>\n<\/p>\n Bloomberg HT<\/span><\/p>\n","protected":false},"excerpt":{"rendered":" EROL OYTUN ERCAN 10 y\u0131l vadeli ABD Hazine tahvili faizlerindeki y\u00fckseli\u015fin, alt\u0131ndan sonra pay senetleri \u00fczere g\u00f6rece riskli varl\u0131klarda …<\/p>\n","protected":false},"author":1,"featured_media":25014,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5,6],"tags":[286,2434],"class_list":["post-25013","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-dunya","category-son-dakika","tag-turk","tag-varliklar"],"yoast_head":"\n <\/div>\n<\/figure><\/div>\n<\/p>\n
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