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Turkish Stocks Reopen With 10% Gain

Turkey’s stock market has reopened after a five-day suspension following last week’s devastating earthquakes!

The benchmark Borsa Istanbul 100 index was up 9.8% in afternoon trading in Istanbul, on track for its biggest daily gain since 2008.

Tweet on the Turkish Stock Market re-opening 

FactsetChart on Turkish Borsa

The index plunged 16% last week in the days following the Feb. 6 earthquakes, which have left more than 41,000 dead across Turkey and Syria. Stock market officials decided to suspend trading on Feb. 8 and cancel trades made that day after stocks slid 7%.

Turkish officials have taken steps in recent days to shore up support for stocks ahead of the reopening. President Recep Tayyip Erdoğan announced a new rule requiring private pensions to boost their purchases of stocks this week. The stock exchange operator, Borsa Istanbul, has also moved to limit volatility, including by preventing traders from canceling orders.

Image:Turkish Borsa