SAFAKNA TURKEY – Struggling with death and destruction in the aftermath of the earthquakes, Turkey’s stock market remained open despite falling in the first two days, and nearly 400,000 investors in the region fell victim.
Before the opening of the stock market, the management of the economy announced a number of measures to compensate for losses.
Following rules that made share buybacks easier, companies turned to share buybacks.
To date, the size of the programs announced by 81 companies has exceeded 25 billion lire. The duration of share buyback programs varies from three months to three years.
The largest share buyback program was carried out by Turkish Airlines (THY) worth 9 billion liras. THY was followed by İşbank with 3 billion lira, Ereğli Demir Çelik with 2 billion lira, and Halkbank and Aksa Acrylic with 1.5 billion lira. Halkbank, which previously had a 750 million lira share buyback program, has increased the size of its program to 2.25 billion lira.
Vakıfbank and Akbank also announced the launch of a 1 billion lira share buyback program.
Among the announced share buyback programs, purchases of TL 1 billion or more account for approximately 70 percent of the total share buyback programs. 51 companies have announced share buybacks ranging from 10 million to 100 million lira.
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