It had recorded significant losses before deciding to suspend trading this morning
The Istanbul Stock Exchange has announced it will be closed – for the first time since 1999 – until next Tuesday due to market volatility following the deadly earthquake that hit Turkey and Syria.
The Stock Exchange justified its decision today citing “increased volatility and large price fluctuations following the devastating earthquake.”
It had recorded significant losses before deciding to suspend trading this morning.
“Given the low volume of trading that does not allow effective price determination, all trades that took place on February 8, 2023 will be canceled,” the Exchange explained in the afternoon, clarifying that it will ultimately remain closed until February 14.
The last time the Istanbul Stock Exchange was closed was after the 1999 earthquake, which killed more than 17,000 people.
Politicians had called for the cancellation of all stock market transactions that took place after Monday’s earthquake.
“It is not enough to close (the stock market). The transactions that took place on the Istanbul Stock Exchange after the earthquake should be canceled,” said MP Murat Bakan, a member of the main opposition party.
“So it’s about protecting the rights of the 500,000 micro-investors who are under the rubble, who are dead or waiting for help and who have no access to the internet,” he tweeted.
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