AGL 40.00 Decreased By ▼ -0.16 (-0.4%)
AIRLINK 129.53 Decreased By ▼ -2.20 (-1.67%)
BOP 6.68 Decreased By ▼ -0.01 (-0.15%)
CNERGY 4.63 Increased By ▲ 0.16 (3.58%)
DCL 8.94 Increased By ▲ 0.12 (1.36%)
DFML 41.69 Increased By ▲ 1.08 (2.66%)
DGKC 83.77 Decreased By ▼ -0.31 (-0.37%)
FCCL 32.77 Increased By ▲ 0.43 (1.33%)
FFBL 75.47 Increased By ▲ 6.86 (10%)
FFL 11.47 Increased By ▲ 0.12 (1.06%)
HUBC 110.55 Decreased By ▼ -1.21 (-1.08%)
HUMNL 14.56 Increased By ▲ 0.25 (1.75%)
KEL 5.39 Increased By ▲ 0.17 (3.26%)
KOSM 8.40 Decreased By ▼ -0.58 (-6.46%)
MLCF 39.79 Increased By ▲ 0.36 (0.91%)
NBP 60.29 No Change ▼ 0.00 (0%)
OGDC 199.66 Increased By ▲ 4.72 (2.42%)
PAEL 26.65 Decreased By ▼ -0.04 (-0.15%)
PIBTL 7.66 Increased By ▲ 0.18 (2.41%)
PPL 157.92 Increased By ▲ 2.15 (1.38%)
PRL 26.73 Increased By ▲ 0.05 (0.19%)
PTC 18.46 Increased By ▲ 0.16 (0.87%)
SEARL 82.44 Decreased By ▼ -0.58 (-0.7%)
TELE 8.31 Increased By ▲ 0.08 (0.97%)
TOMCL 34.51 Decreased By ▼ -0.04 (-0.12%)
TPLP 9.06 Increased By ▲ 0.25 (2.84%)
TREET 17.47 Increased By ▲ 0.77 (4.61%)
TRG 61.32 Decreased By ▼ -1.13 (-1.81%)
UNITY 27.43 Decreased By ▼ -0.01 (-0.04%)
WTL 1.38 Increased By ▲ 0.10 (7.81%)
BR100 10,407 Increased By 220 (2.16%)
BR30 31,713 Increased By 377.1 (1.2%)
KSE100 97,328 Increased By 1781.9 (1.86%)
KSE30 30,192 Increased By 614.4 (2.08%)
Markets

Turkish bourse shut for 5 days after quake, Wed trades cancelled

Istanbul’s stock exchange operator said the market would be closed for five days, and that all trades that took...
Published February 8, 2023

Istanbul's stock exchange operator said the market would be closed for five days, and that all trades that took place on Wednesday would be cancelled in the wake of two devastating earthquakes that struck Turkiye and Syria on Monday.

The benchmark index has slid some 14% since Monday, with trading volumes significantly below regular averages at only 2.24 billion trades on Tuesday, a little over half of Friday's 4.14 billion.

"Due to the increase in volatility and extraordinary price movements after the earthquake disaster; in order to ensure the reliable, transparent, efficient, stable, fair and competitive functioning of the markets, Equity Market and Equity&Index Derivatives in the Derivatives Market have been closed," read Borsa Istanbul's statement on Wednesday.

"Considering the low transaction volume that does not allow efficient price formation, all trades executed in the closed markets on Feb. 8, 2023 will be cancelled," the market operator said.

Some Turkish investors urged the reversal of all trades that took place on the bourse following the earthquakes.

Turkey's Borsa Istanbul suspended trading on its equity and derivatives markets within 90 minutes of opening after two market-wide circuit breakers failed to stop a 7% slide in the main index.

Following the quakes, which forced major corporations like BP to declare force majeure in their disaster zone operations, domestic investors started an online petition calling for the reversal of all trades that took place on and after Monday.

"We call for the reversal of all trades that took place on Borsa Istanbul as of February 6, 2023 and the closure of the exchange during the national mourning period," read the statement accompanying the petition.

The petition received over 5,000 signatures within hours, nearing its goal for a total of 7,500.

Domestic investors have flooded Istanbul's stock market in the past year in efforts to hedge against inflation, prompting the market to soar nearly 200%.

Main opposition member of parliament Murat Bakan said on Twitter: "Suspending the exchange is not enough. Trades that took place on Istanbul stock exchange following the earthquake must be cancelled."

The reversal of trades will protect the rights of 500,000 investors, Bakan said, adding that some people might still be awaiting help or not have internet access in ten cities following the quakes that killed more than 8,500 people.

Comments

Comments are closed.