Turkey's stock market soars as government steps in after earthquake | CNN Business

Turkey’s stock market soared Wednesday on the first day of trading after a suspension triggered by a devastating earthquake. Shares on Istanbul’s stock exchange rose 9.8% by mid-afternoon. On Tuesday, authorities intervened to boost stock buying: The government announced measures to encourage companies to buy back their shares and ordered pension funds to increase their allocation of stocks, according to a Reuters report.

Pension funds have also been instructed to increase the mandatory allocation of stocks from 10% to 30% in the government-sponsored part of their plans, according to Reuters. On Monday last week, a 7.8-magnitude earthquake rocked parts of southern Turkey and northern Syria, claiming more than 41,200 lives so far. It is the strongest to hit Turkey since 1939, when an earthquake of the same magnitude killed 30,000 people, according to the United States Geological Survey.

Singapore Singapore Latest News, Singapore Singapore Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Earthquake could cost Turkey up to $84 billion - business groupTurkey's worst earthquake in almost a century has left a trail of destruction that could cost Ankara up to $84.1 billion, a business group said, while a government official put the figure at more than $50 billion. The government rebuilt in a matter of a year and a half new housing for those effected in the Izmir earthquake, a few years ago .. for free also in a year they too will have new homes , also for free . ATOS $ATOS why that's enough to keep Ukraine armed for a month
Source: Reuters - 🏆 2. / 97 Read more »