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Stocks Rally Upon Re-Opening

TURKEY
  • Turkish equity markets have fully re-opened after their post-earthquake hiatus, with the headline BIST-100 clocking gains of as much as 6% in early trade, with banks outperforming.
  • Markets have been closed since February 7th, and since then the government has outlined a number of measures with which to stabilise markets, including:
  • Lower reserve ratios among banks in earthquake struck areas
  • Looser regulations and rules around stock buybacks
  • The launch of a new index to track companies undergoing stock buybacks
  • A new internal mechanism for the sovereign wealth fund to stabilise markets and buy equities
  • Limits on gold imports
  • And more measures crossing this morning - Bloomberg reports that the Turkish Central Bank is set to buy bonds from domestic pension funds.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

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