Quake Latest: 40,000 Killed; Turkey Stock Market Set to Reopen
Turkey’s stock market is scheduled to reopen on Wednesday, following a halt to trading in the aftermath of last week’s twin earthquakes.
(Bloomberg) --
Turkey’s stock market is scheduled to reopen on Wednesday, following a halt to trading in the aftermath of last week’s twin earthquakes.
The death toll in Turkey and neighboring Syria surpassed 40,000.
Turkish banks will allocate 50b liras ($2.7b) from their 2022 income to help with the relief efforts, President Recep Tayyip Erdogan said.
Key Developments:
- Turkey Injects Billions of Liras to Prop Up Stocks Before Open
- Turkey Wealth Fund to Support Equities With New Mechanism
- Turkey Set to Temporarily Suspend Some Gold Imports
- Turkey Plans Tax Waiver for Share Buybacks on Stock Exchange
- ‘The Dude’ Draws Regulator Ire With Big Sales After Turkey Quake
- Turkish Business Group Sees Quakes’ Economic Toll at $84 Billion
- Why Turkey’s Next Election Is a Real Test for Erdogan: QuickTake
(All times Istanbul, GMT+3)
Turkish Companies Rush to Buy Back Shares (8:00 a.m.)
Prior to the reopening of the stock market on Wednesday, Turkish firms, led by state-run companies, announced share buyback plans. Turkish Airlines, Erdemir, and Isbank initiated new buyback programs, while state-owned lenders Vakifbank and Halkbank increased their existing programs.
Quakes Hit Turkey’s Cotton Yarn Capacity (7:53 a.m.)
About 500 textile factories in Kahramanmaras, Turkey have halted operations and it may take about six months to restart production, Ekonomi newspaper reports.
Turkish Banks to Allocate 50b Liras For Relief (8:32 p.m.)
Turkish lenders will allocate 50b liras ($2.7b) from their 2022 income to help with the relief efforts, President Recep Tayyip Erdogan said in a speech after a cabinet meeting late Tuesday.
Death Toll Surpasses 40,000 (8:32 p.m.)
The number of dead in Turkey and Syria rose to 40,835 according to Turkish officials and the Syrian Observatory for Human Rights, which uses a network of activists on the ground. Tens of thousands of people were still missing.
Armenia’s Top Diplomat Visits Turkey (7:41 p.m.)
Armenia’s Ararat Mirzoyan will meet his Turkish counterpart in Ankara on Wednesday before visiting the quake-stricken southeastern province of Adiyaman, where an Armenian rescue team is working, according to Turkey’s Foreign Ministry.
Turkey Tweaks Stock Market Rules Ahead of Re-opening (4:05 p.m.)
Turkey’s Borsa Istanbul banned order cancellations and the lowering of order prices in the opening session. The stock exchange market also lifted all volatility measures on individual stocks.
Trading was suspended last week for the first time in 24 years after the quakes triggered a major selloff, and is scheduled to resume on Feb. 15.
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