{"id":43792,"date":"2026-04-02T03:55:19","date_gmt":"2026-04-02T03:55:19","guid":{"rendered":"https:\/\/www.vtmarkets.com\/tr\/uncategorized\/bnyde-geoff-yu-latin-amerika-direncli-gorunuyor-para-birimleri-asiri-tutuluyor-riskten-kacis-ortaminda-hisse-senetlerine-giris-var\/"},"modified":"2026-04-02T03:55:19","modified_gmt":"2026-04-02T03:55:19","slug":"bnyde-geoff-yu-latin-amerika-direncli-gorunuyor-para-birimleri-asiri-tutuluyor-riskten-kacis-ortaminda-hisse-senetlerine-giris-var","status":"publish","type":"post","link":"https:\/\/www.vtmarkets.com\/tr-mena\/live-updates\/bnyde-geoff-yu-latin-amerika-direncli-gorunuyor-para-birimleri-asiri-tutuluyor-riskten-kacis-ortaminda-hisse-senetlerine-giris-var\/","title":{"rendered":"BNY\u2019de Geoff Yu: Latin Amerika diren\u00e7li g\u00f6r\u00fcn\u00fcyor; para birimleri a\u015f\u0131r\u0131 tutuluyor, riskten ka\u00e7\u0131\u015f ortam\u0131nda hisse senetlerine giri\u015f var"},"content":{"rendered":"BNY verileri, Latin Amerika\u2019y\u0131 t\u00fcm varl\u0131k t\u00fcrlerinde (\u00f6r. hisse, tahvil, d\u00f6viz) dayan\u0131kl\u0131 olarak tan\u0131ml\u0131yor. B\u00f6lge para birimlerinin ise \u201ca\u015f\u0131r\u0131 ta\u015f\u0131nd\u0131\u011f\u0131\u201d belirtiliyor; yani yat\u0131r\u0131mc\u0131lar\u0131n portf\u00f6ylerinde bu para birimlerine normalin \u00fczerinde a\u011f\u0131rl\u0131k verdi\u011fi, pozisyonlar\u0131n kalabal\u0131k oldu\u011fu ifade ediliyor. B\u00f6lge, en iyi performans g\u00f6steren hisse b\u00f6lgesi olarak \u00f6ne \u00e7\u0131k\u0131yor ve genel \u201criskten ka\u00e7\u0131\u015f\u201d (yat\u0131r\u0131mc\u0131lar\u0131n daha g\u00fcvenli varl\u0131klara y\u00f6nelmesi) ortam\u0131na ra\u011fmen net para giri\u015fi g\u00f6ren tek b\u00f6lgesel toplam oldu\u011fu aktar\u0131l\u0131yor. \n\nRapora g\u00f6re b\u00f6lge i\u00e7indeki piyasalar aras\u0131nda farklar var. Brezilya, g\u0131da ve enerji ihracat\u0131n\u0131n deste\u011fiyle \u00e7e\u015fitlendirilmi\u015f, y\u00fcksek faiz getirisi sunan bir piyasa olarak tan\u0131mlan\u0131yor ve geli\u015fmekte olan \u00fclkeler aras\u0131nda en y\u00fcksek nominal (etiket) faiz oranlar\u0131ndan baz\u0131lar\u0131na sahip oldu\u011fu belirtiliyor. \n\n

Brezilya ve Peru Piyasa Ayr\u0131\u015fmas\u0131<\/h3>\nPeru ise daha yo\u011funla\u015fm\u0131\u015f bir yap\u0131 olarak tan\u0131mlan\u0131yor; para birimi ve hisselerinin g\u00fcm\u00fc\u015f fiyatlar\u0131yla yak\u0131ndan ba\u011flant\u0131l\u0131 oldu\u011fu belirtiliyor. Her iki piyasada da y\u0131l boyunca al\u0131m oldu\u011fu ifade edilse de, y\u0131lba\u015f\u0131ndan bu yana (YTD) fon ak\u0131\u015f\u0131 e\u011filimlerinin neredeyse tamamen z\u0131t oldu\u011fu s\u00f6yleniyor. \n\nNotta Peru\u2019nun daha \u00e7ok \u201crisk alma\u201d (risk-on: yat\u0131r\u0131mc\u0131lar\u0131n daha riskli varl\u0131klara y\u00f6nelmesi) e\u011filimi ve yo\u011funla\u015fm\u0131\u015f i\u015flemlerle, Brezilya\u2019n\u0131n ise emtia (ham madde) ve faiz taraf\u0131nda daha geni\u015f \u00e7e\u015fitlendirmeyle ili\u015fkili oldu\u011fu belirtiliyor. Ayr\u0131ca, \u00e7at\u0131\u015fma ba\u015flad\u0131\u011f\u0131ndan beri ilk kez Peru hisselerinin Brezilya\u2019y\u0131 geride b\u0131rakt\u0131\u011f\u0131 ifade ediliyor ve bunun, g\u00fcncel geli\u015fmelerden g\u00f6rece az etkilendi\u011fi s\u00f6ylenen b\u00f6lgede risk i\u015ftah\u0131n\u0131n g\u00fc\u00e7lenmesiyle ba\u011flant\u0131l\u0131 oldu\u011fu aktar\u0131l\u0131yor. \n\nLatin Amerika, k\u00fcresel piyasalardaki belirsizlik s\u00fcrse bile dayan\u0131kl\u0131 bir b\u00f6lge olarak g\u00f6r\u00fcl\u00fcyor. Brezilya Merkez Bankas\u0131 Selic politika faizini %9,0\u2019da tuttu. Bu y\u00fcksek faiz seviyesi, 2025\u2019te g\u00f6r\u00fclen piyasa d\u00fc\u015f\u00fc\u015flerinde \u201ctampon\u201d g\u00f6revi g\u00f6rd\u00fc; yani fiyatlar gerilerken getirinin kayb\u0131 s\u0131n\u0131rlamas\u0131na yard\u0131mc\u0131 oldu. Faizlerin y\u00fcksek kalmas\u0131, \u00fclkeyi b\u00f6lge i\u00e7inde \u00f6ne \u00e7\u0131kan bir \u201cg\u00fcvenli liman\u201d se\u00e7ene\u011fi haline getirmeyi s\u00fcrd\u00fcr\u00fcyor. \n\nBrezilya piyasas\u0131, geni\u015f emtia yelpazesine ba\u011fl\u0131 oldu\u011fu i\u00e7in \u00e7e\u015fitlendirilmi\u015f bir korunma imk\u00e2n\u0131 sunuyor. 2026\u2019n\u0131n ilk \u00e7eyre\u011finde soya fasulyesi, demir cevheri ve petrolde g\u00fc\u00e7l\u00fc ihracat rakamlar\u0131 dikkat \u00e7ekiyor. Bu \u00e7e\u015fitlilik, tek bir kayna\u011f\u0131n fiyat oynakl\u0131\u011f\u0131ndan (fiyat dalgalanmas\u0131) etkilenmeyi azalt\u0131yor. T\u00fcrev \u00fcr\u00fcn (dayanak varl\u0131\u011f\u0131n fiyat\u0131na ba\u011fl\u0131 s\u00f6zle\u015fmeler) i\u015flemi yapanlar i\u00e7in bu durum, Brezilya reali \u00fczerindeki opsiyonlar\u0131 (belirli fiyattan alma\/satma hakk\u0131 veren s\u00f6zle\u015fmeler) getiriyi yakalarken oynakl\u0131\u011f\u0131 y\u00f6netmek i\u00e7in daha i\u015flevsel k\u0131l\u0131yor. \n\n

Ak\u0131mlar ve \u0130\u015flem Konumlanmas\u0131<\/h3>\nPeru ise sanayi metalleriyle do\u011frudan ba\u011flant\u0131l\u0131, \u201cy\u00fcksek beta\u201d bir se\u00e7enek olarak konumlan\u0131yor; yani piyasa hareketlerine daha g\u00fc\u00e7l\u00fc tepki verme e\u011filimi ta\u015f\u0131yor. G\u00fcm\u00fc\u015f fiyatlar\u0131, g\u00fcne\u015f enerjisi ve elektrikli ara\u00e7 (EV) bile\u015fenlerine talebin artmas\u0131yla ocaktan bu yana %12\u2019den fazla y\u00fckseldi ve Peru varl\u0131klar\u0131 da bunu izledi. Bu nedenle Peru hisseleri \u00fczerindeki al\u0131m opsiyonlar\u0131 (call: belirli fiyattan alma hakk\u0131), risk i\u015ftah\u0131n\u0131n s\u00fcrmesine ve ye\u015fil enerji d\u00f6n\u00fc\u015f\u00fcm\u00fcn\u00fcn (temiz enerjiye ge\u00e7i\u015f) g\u00fcc\u00fcne y\u00f6nelik do\u011frudan bir bahis niteli\u011fi ta\u015f\u0131yor. \n\nBu ayr\u0131\u015fma fon ak\u0131mlar\u0131nda da g\u00f6r\u00fcl\u00fcyor: iShares MSCI Peru ETF\u2019i (EPU) bu y\u0131l %15 y\u00fckselerek iShares MSCI Brazil ETF\u2019teki (EWZ) daha s\u0131n\u0131rl\u0131 %6 art\u0131\u015f\u0131 geride b\u0131rakt\u0131. Bu, yo\u011funla\u015fm\u0131\u015f risk alma e\u011filiminin artt\u0131\u011f\u0131na i\u015faret ediyor; 2025\u2019teki faiz art\u0131\u015flar\u0131ndan \u00f6nce g\u00f6r\u00fclm\u00fc\u015f bir e\u011filime benziyor. Yat\u0131r\u0131mc\u0131lar bu fark\u0131 \u201c\u00e7ift y\u00f6nl\u00fc i\u015flem\u201d (pairs trade: iki varl\u0131kta ayn\u0131 anda biri uzun, di\u011feri k\u0131sa pozisyon alarak farktan yararlanma) kurmak i\u00e7in kullanabilir ve k\u00fcresel risk i\u015ftah\u0131na dair beklentilerine g\u00f6re pozisyon b\u00fcy\u00fckl\u00fcklerini ayarlayabilir.\n

\n\n

Hemen i\u015flem yapmaya ba\u015flay\u0131n – Ger\u00e7ek VT Markets hesab\u0131n\u0131z\u0131 olu\u015fturmak i\u00e7in buraya<\/a> t\u0131klay\u0131n <\/strong> <\/p>\n","protected":false},"excerpt":{"rendered":"

BNY\u2019ye g\u00f6re Latin Amerika t\u00fcm varl\u0131k s\u0131n\u0131flar\u0131nda diren\u00e7li; ancak yerel para birimlerinde \u201ca\u015f\u0131r\u0131 pozisyon\u201d alarm\u0131 var. Riskten ka\u00e7\u0131\u015fa kar\u015f\u0131n net giri\u015f tek b\u00f6lge. Brezilya y\u00fcksek faiz\/emtia tamponu, Peru g\u00fcm\u00fc\u015fle ralli.<\/p>\n","protected":false},"author":87,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[71],"tags":[],"class_list":["post-43792","post","type-post","status-publish","format-standard","hentry","category-live-updates"],"acf":{"acf_article_selection_author":null},"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/posts\/43792","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/users\/87"}],"replies":[{"embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/comments?post=43792"}],"version-history":[{"count":0,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/posts\/43792\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/media?parent=43792"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/categories?post=43792"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vtmarkets.com\/tr-mena\/wp-json\/wp\/v2\/tags?post=43792"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}