Turkey’s stock market soared on the first day of trading after a suspension triggered by a devastating earthquake.
Turkey’s stock market soared Wednesday on the first day of trading after a suspension triggered by a devastating earthquake. Shares on Istanbul’s stock exchange rose 9.8% by mid-afternoon. On Tuesday, authorities intervened to boost stock buying: The government announced measures to encourage companies to buy back their shares and ordered pension funds to increase their allocation of stocks, according to a Reuters report.
Pension funds have also been instructed to increase the mandatory allocation of stocks from 10% to 30% in the government-sponsored part of their plans, according to Reuters. On Monday last week, a 7.8-magnitude earthquake rocked parts of southern Turkey and northern Syria, claiming more than 41,200 lives so far. It is the strongest to hit Turkey since 1939, when an earthquake of the same magnitude killed 30,000 people, according to the United States Geological Survey.
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