Japonya’n\u0131n Tokyo Menkul K\u0131ymetler Borsas\u0131 (TSE) endeksi, Ekim ay\u0131ndan itibaren iki y\u0131l i\u00e7inde kademeli olarak kald\u0131r\u0131lacak yeni bir serbest dola\u015f\u0131mdaki piyasa de\u011feri kural\u0131 kapsam\u0131nda 600’den fazla \u015firketin listeden \u00e7\u0131kar\u0131lma riskiyle kar\u015f\u0131 kar\u015f\u0131ya kalmas\u0131yla, tarihindeki en b\u00fcy\u00fck yeniden yap\u0131lanmayla kar\u015f\u0131 kar\u015f\u0131ya. Bu durum, k\u00fc\u00e7\u00fck \u00f6l\u00e7ekli \u015firketler aras\u0131nda savunma ama\u00e7l\u0131 hamlelere ve aktif k\u0131sa pozisyonlara yol a\u00e7t\u0131.<\/p>\n\n\n\n
600’den fazla \u015firketi etkileyebilecek olan yeniden yap\u0131lanman\u0131n \u00f6l\u00e7e\u011fi, piyasan\u0131n Ekim ay\u0131ndan itibaren hangi \u015firketlerin kademeli olarak listeden \u00e7\u0131kar\u0131laca\u011f\u0131n\u0131 ve hangilerinin hayatta kalmak i\u00e7in yeterli serbest dola\u015f\u0131m piyasa de\u011ferine sahip olaca\u011f\u0131n\u0131 belirlemesi s\u00fcrecinde Japon k\u00fc\u00e7\u00fck sermayeli hisse senetleri i\u00e7in \u00e7ok y\u0131ll\u0131k bir belirsizlik yarat\u0131yor. En d\u00fc\u015f\u00fck %3 e\u015fi\u011fine yak\u0131n \u015firketlerin likiditelerinin azalmas\u0131 ve endeks takip fonlar\u0131n\u0131n \u00f6nceden pozisyon almas\u0131yla s\u00fcrekli sat\u0131\u015f bask\u0131s\u0131 ya\u015famalar\u0131 muhtemelken, piyasa de\u011feri de\u011fi\u015fimleri s\u0131n\u0131rda olan \u015firketleri tekrar kesme noktas\u0131n\u0131n \u00fczerine iterse, beklenen listeden \u00e7\u0131karmalardaki k\u0131sa pozisyonlar keskin bir \u015fekilde azalabilir. \u0130ki y\u0131ll\u0131k kademeli ge\u00e7i\u015f s\u00fcresi, daha geni\u015f endeks ve pasif ak\u0131\u015flar \u00fczerindeki etkinin tek bir y\u0131k\u0131c\u0131 olaydan ziyade kademeli olaca\u011f\u0131 anlam\u0131na gelir, ancak bireysel k\u00fc\u00e7\u00fck sermayeli \u015firketler, resmi listeden \u00e7\u0131kar\u0131lma tarihlerinden \u00e7ok \u00f6nce yo\u011fun bir bask\u0131yla kar\u015f\u0131 kar\u015f\u0131ya kal\u0131rlar.<\/p>\n\n\n\n
Tokyo’nun g\u00f6sterge endeksi, en k\u00fc\u00e7\u00fck ve likiditesi en d\u00fc\u015f\u00fck y\u00fczlerce \u00fcyesini kaybetmek \u00fczere ve k\u00fc\u00e7\u00fck sermayeli \u015firketler piyasas\u0131 \u015fimdiden hangi \u015firketlerin endeksten \u00e7\u0131kar\u0131laca\u011f\u0131na dair pozisyon al\u0131yor.<\/p>\n\n\n\n
\u00d6zet:<\/p>\n\n\n\n
Japonya’n\u0131n Tokyo Menkul K\u0131ymetler Borsas\u0131 (TSE) endeksi, tarihindeki en b\u00fcy\u00fck yeniden yap\u0131lanmaya haz\u0131rlan\u0131yor; analistler 600’den fazla \u015firketin endeksten \u00e7\u0131kar\u0131labilece\u011fini tahmin ediyor.
Yeni bir dahil etme kural\u0131, A\u011fustos ay\u0131 itibar\u0131yla TSE’de i\u015flem g\u00f6ren \u015firketler aras\u0131nda serbest dola\u015f\u0131mdaki piyasa de\u011feri bak\u0131m\u0131ndan en alt %3’l\u00fck dilimde yer alan firmalar\u0131 listeden \u00e7\u0131karacak.
Tahliyeler Ekim ay\u0131ndan itibaren iki y\u0131ll\u0131k bir s\u00fcre i\u00e7inde kademeli olarak ger\u00e7ekle\u015ftirilecek.
K\u00fc\u00e7\u00fck \u00f6l\u00e7ekli \u015firketler, endeksten \u00e7\u0131kar\u0131lman\u0131n fiyatlar \u00fczerinde bask\u0131 yarataca\u011f\u0131 ve likiditeyi azaltaca\u011f\u0131 endi\u015fesiyle bu ay savunma ama\u00e7l\u0131 ad\u0131mlar at\u0131yorlar.
Kural de\u011fi\u015fikli\u011fi, yat\u0131r\u0131mc\u0131lar\u0131n endeksin \u00e7ok fazla k\u00fc\u00e7\u00fck ve likiditesi d\u00fc\u015f\u00fck \u015firket i\u00e7erdi\u011fi ve bunun da endeks replikasyon maliyetlerini art\u0131rd\u0131\u011f\u0131 y\u00f6n\u00fcndeki \u015fikayetlerine bir yan\u0131t niteli\u011findedir.
Mizuho, \u200b\u200bbaz\u0131 yat\u0131r\u0131mc\u0131lar\u0131n \u015fimdiden endeksten \u00e7\u0131kar\u0131lmas\u0131 beklenen k\u00fc\u00e7\u00fck sermayeli \u015firketlerin hisselerinde k\u0131sa pozisyon ald\u0131\u011f\u0131n\u0131 ve piyasa de\u011feri de\u011fi\u015firse ve \u015firketler endekste kalmaya devam ederse k\u0131sa pozisyonlar\u0131n kapat\u0131lmas\u0131 i\u00e7in alan yarataca\u011f\u0131n\u0131 s\u00f6yledi.
Japonya’n\u0131n Tokyo Menkul K\u0131ymetler Borsas\u0131 (TSE) endeksi, yeni getirilen bir dahil etme kural\u0131 kapsam\u0131nda 600’den fazla \u015firketin kademeli olarak \u00e7\u0131kar\u0131lmas\u0131yla, tarihindeki en b\u00fcy\u00fck yeniden yap\u0131lanmaya do\u011fru ilerliyor. Bu de\u011fi\u015fikli\u011fe g\u00f6re, A\u011fustos ay\u0131 itibar\u0131yla TSE’de i\u015flem g\u00f6ren \u015firketler aras\u0131nda serbest dola\u015f\u0131mdaki piyasa de\u011feri bak\u0131m\u0131ndan en d\u00fc\u015f\u00fck %3’l\u00fck dilimde yer alan firmalar endeksten \u00e7\u0131kar\u0131lacak ve bu s\u00fcre\u00e7 Ekim ay\u0131ndan itibaren iki y\u0131ll\u0131k bir s\u00fcre i\u00e7inde kademeli olarak uygulanacak.<\/p>\n\n\n\n
Beklenen eleme s\u00fcrecinin b\u00fcy\u00fckl\u00fc\u011f\u00fc, k\u00fc\u00e7\u00fck sermayeli \u015firketleri bu ay savunma \u00f6nlemleri almaya y\u00f6neltiyor; e\u015fi\u011fe yak\u0131n \u015firketler, listeden \u00e7\u0131kar\u0131lmalar ba\u015flamadan \u00f6nce konumlar\u0131n\u0131 korumak i\u00e7in harekete ge\u00e7iyor. Etkilenen firmalar i\u00e7in endi\u015fe olduk\u00e7a a\u00e7\u0131k: endeksten \u00e7\u0131kar\u0131lma, pasif ve endeksi takip eden talebin kayb\u0131 g\u00f6z \u00f6n\u00fcne al\u0131nd\u0131\u011f\u0131nda, hisse senedi fiyatlar\u0131 \u00fczerinde bask\u0131 olu\u015fturacak ve i\u015flem likiditesini azaltacakt\u0131r. En d\u00fc\u015f\u00fck %3’l\u00fck dilime yak\u0131n \u015firketler i\u00e7in bu bask\u0131, piyasa nihai sonucu fiyatland\u0131rmaya ba\u015flad\u0131k\u00e7a, resmi listeden \u00e7\u0131kar\u0131lma tarihinden \u00e7ok \u00f6nce artacakt\u0131r.<\/p>\n\n\n\n
Kural de\u011fi\u015fikli\u011fi, endeksin k\u00fc\u00e7\u00fck ve likiditesi d\u00fc\u015f\u00fck \u015firketlerle a\u015f\u0131r\u0131 derecede dolup ta\u015ft\u0131\u011f\u0131 ve bu durumun pasif fonlar i\u00e7in endeksi kopyalama maliyetini art\u0131rd\u0131\u011f\u0131 y\u00f6n\u00fcndeki uzun s\u00fcredir devam eden yat\u0131r\u0131mc\u0131 \u015fikayetlerine do\u011frudan bir yan\u0131t niteli\u011findedir. TSE, endeksin kuyruk k\u0131sm\u0131n\u0131 budayarak, endeks bile\u015fenlerinin genel likidite profilini iyile\u015ftirmeyi ve endeksi yans\u0131tan b\u00fcy\u00fck sermaye havuzlar\u0131 i\u00e7in izleme maliyetlerini d\u00fc\u015f\u00fcrmeyi ama\u00e7lamaktad\u0131r.<\/p>\n\n\n\n
Yeniden yap\u0131lanma, en b\u00fcy\u00fck risk alt\u0131nda olan \u015firketler etraf\u0131nda belirgin bir i\u015flem f\u0131rsat\u0131 da yaratt\u0131. Mizuho, \u200b\u200bbaz\u0131 yat\u0131r\u0131mc\u0131lar\u0131n endeksten \u00e7\u0131kar\u0131lmas\u0131 beklenen k\u00fc\u00e7\u00fck sermayeli \u015firketleri \u015fimdiden a\u00e7\u0131\u011fa satt\u0131\u011f\u0131n\u0131 ve endeksten \u00e7\u0131kar\u0131lman\u0131n tipik olarak beraberinde getirdi\u011fi likidite ve fiyat bask\u0131s\u0131na kar\u015f\u0131 pozisyon ald\u0131\u011f\u0131n\u0131 s\u00f6yledi. Ancak bu pozisyon alma kendi riskini de beraberinde getiriyor, \u00e7\u00fcnk\u00fc piyasa de\u011feri s\u0131ralamalar\u0131 A\u011fustos \u00f6l\u00e7\u00fcm tarihine kadar de\u011fi\u015febilir ve Hatano, endeksten \u00e7\u0131kar\u0131lmas\u0131 beklenen ancak sonunda \u00e7\u0131kar\u0131lmaktan kurtulan herhangi bir \u015firkette keskin bir a\u00e7\u0131\u011fa sat\u0131\u015f rallisi ya\u015fanabilece\u011fini belirtti. \u0130ki y\u0131ll\u0131k ge\u00e7i\u015f s\u00fcreci hen\u00fcz ba\u015flamad\u0131\u011f\u0131 i\u00e7in, yat\u0131r\u0131mc\u0131lar hangi \u015firketlerin nihai listeye girece\u011fini yeniden de\u011ferlendirmeye devam ettik\u00e7e k\u00fc\u00e7\u00fck sermayeli \u015firket piyasas\u0131n\u0131n oynak kalmas\u0131 muhtemeldir.<\/p>\n","protected":false},"excerpt":{"rendered":"
Japonya’n\u0131n Tokyo Menkul K\u0131ymetler Borsas\u0131 (TSE) endeksi, Ekim ay\u0131ndan itibaren iki y\u0131l i\u00e7inde kademeli olarak kald\u0131r\u0131lacak yeni bir serbest dola\u015f\u0131mdaki<\/p>\n","protected":false},"author":1,"featured_media":7882,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_container_layout":"default_layout","colormag_page_sidebar_layout":"default_layout","footnotes":""},"categories":[1],"tags":[40,360],"class_list":["post-7881","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finansal-piyasalar","tag-borsa","tag-tokyo"],"_links":{"self":[{"href":"https:\/\/fxknews.com\/index.php?rest_route=\/wp\/v2\/posts\/7881","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/fxknews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/fxknews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/fxknews.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/fxknews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=7881"}],"version-history":[{"count":1,"href":"https:\/\/fxknews.com\/index.php?rest_route=\/wp\/v2\/posts\/7881\/revisions"}],"predecessor-version":[{"id":7883,"href":"https:\/\/fxknews.com\/index.php?rest_route=\/wp\/v2\/posts\/7881\/revisions\/7883"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/fxknews.com\/index.php?rest_route=\/wp\/v2\/media\/7882"}],"wp:attachment":[{"href":"https:\/\/fxknews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=7881"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/fxknews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=7881"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/fxknews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=7881"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}