Borsa Istanbul jumps up almost 10 pct after reopening
ISTANBUL
The main Borsa Istanbul index jumped by almost 10 percent on Feb. 15 on the day of reopening following a one-week suspension.
Only a handful of stocks were in the end, with many being traded at a gain of 10 percent, the maximum gain allowed in Borsa Istanbul in a day.
The BIST100 index was up by 9.8 percent at 4946 as of Feb. 15 afternoon.
The trading resumed amid measures taken to support the stock exchange market.
A regulation change was made to increase the stock market demand in the Individual Retirement System (BES).
Accordingly, the rate of state contribution to the system that can be used in the stock markets has been increased from 10 percent to 30 percent.
Also, listed companies will be able to buy back their shares without paying the withholding tax, which is currently 15 percent.
