Turkey Halts Stock Trading for Five Days and Cancels Some Trades
This article from Bloomberg may be of interest. Here is a section:
Borsa Istanbul has also canceled trades that were executed on the morning of Feb. 8 before transactions were suspended, citing low trading volumes. Before those cancellations, the benchmark Borsa Istanbul 100 Index had erased $35 billion in value and was headed for its worst weekly performance since the 2008 global financial crisis.
Even with Wednesday’s trades being removed, the two days of selling following the deadly earthquakes in Turkey’s southern region wiped out $21 billion in value. Turkish stocks, which are this year’s worst performers globally, entered a technical bear market on Tuesday after falling more than 20% from their January high.
The earthquake in Turkey is a human disaster of epic proportions and will require significant investment in rebuilding. It is to be hoped building standards also improve to minimize the impact for inevitable future quakes. The big question in the short term is how much inflation will jump as the rebuilding process gets underway?Click HERE to subscribe to Fuller Treacy Money Back to top