Turkey plans to resume trading in the capital Istanbul on Wednesday. This is reported by the Bloomberg news agency based on insiders.
On Monday, it was still considered to extend the trade break, but that has not been done. Trading was halted last Wednesday after a sustained price fall following the devastating earthquakes in Turkey.
The authorities have taken measures to support share prices to prevent further falls in prices when the Turkish stock market reopens. For example, the 15 percent tax listed companies have to pay when they buy back their shares will be temporarily withdrawn.
In addition, private pension funds that receive a government contribution of up to 30 percent must use the government contribution to purchase shares.
Two Turkish state-owned companies already ramped up their share buyback programs last week as stocks plunged in the two trading days following the earthquakes. Telecom company Turk Telekomunikasyon, known as Turk Telekom, announced a new buyback program, and mobile operator Turkcell Iletisim Hizmetleri accelerated its buyback program.
In addition, the lenders Turkiye Halk Bankasi and Turkiye Vakiflar Bankasi TAO and insurer Turkiye Sigorta also accelerated their buyback programs.
