Borsa Istanbul stock and futures markets, which had been suspended since Wednesday last week, reopened today. After the earthquake, publicly traded companies made successive statements to KAP. Companies that own their own shares have started a buyback program. Here are the details…
Borsa İstanbul stock and futures markets, where transactions were suspended as of Wednesday last week after the earthquakes in Kahramanmaras, reopened today with a series of measures. The index opened at 4769.15 points with an increase of 263.81 points.
While the BIST 100 index increased its value gains, it moved at 4,780 points with an increase of 6.14 percent as of 10:05. The highest point during the day was 4 thousand 792 points. The banking index, on the other hand, increased by 6.53 percent to 3 thousand 927 points at the opening.
SHARE PURCHASE MOVEMENT FROM COMPANIES
However, while new measures were taken despite the sharp decline in the stock market before the opening, companies started a buyback program to protect their own shares. In this context, Aciselsan, Altinyag Madencilik, Birko, Erdemir, Etiler Gida, Hedef Holding, Hedef Venture Capital, Isik Plastik, Ideal Financial Technologies, Isbank, IS Investment, Konfrut Food, Orcay, Pacific GYO, Rubenis Tekstil, Seyitler Kimya, Sekerbank, THY, Vakifbank, Verusaturk Venture Capital, Future Asset, Birko, Koleksiyon Furniture, E-Data Technology, Smart Solar Energy, Gedik Investment, Inveo Investment Holding, SASA Polyester share repurchase program started, Verusa Holding revised Info Investment programs. The number is expected to increase further.
BANKS ARE ALSO ENCOURAGED TO PURCHASE SHARE
According to the information conveyed by the Economy Newspaper, while it was decided to zero the tax withholding rates in share repurchases of fully-payable capital companies, the Banking Regulation and Supervision Agency (BDDK) also announced that public banks, whose shares are traded on the stock exchange, will be able to withdraw their shares from February 6, 2023 to January 1, 2024. stated that their own shares acquired through buyback will not be considered as a discount item from core capital.
Previously, a 15 percent profit share withholding tax was applied over the difference between the acquisition price and the nominal value of the said shares and partnership shares of the companies.
STATUS OF COMPANIES IN THE EARTHQUAKE ZONE
The trading lines of some companies operating in 10 provinces affected by the earthquake, which were closed on the stock exchange, were reopened as part of the announcements made to the Public Disclosure Platform (KAP). In this context, Sasa Polyester announced that no significant damage has occurred in Bossa Trade and Industry Enterprises, Bilici Investment, Sanko Pazarlama and Rubenis Tekstil factories and that production continues.
While no statement has been made by Arsan Tekstil yet, Iskenderun Iron and Steel reported that damage assessment studies are continuing and production has been stopped in this process. Likewise, Hateks Hatay Textile Enterprises reported that there was no damage to the production facilities that would completely stop the activities and prevent the activities from starting, however, the employees were given two weeks off.
In this context, it is seen that 6 of the 8 companies in question will be open tomorrow, and the shares of Hateks and Iskenderun Demir ve Celik will be closed for trading.
CMB ANNOUNCES NEW DECISIONS
According to the statement made by the Capital Markets Board (SPK), regardless of whether there is a buyback program in effect or not, until a second announcement to facilitate the share buyback transactions of the companies whose shares are traded in the stock exchange and their subsidiaries, and to protect the investors; Publicly held corporations whose shares are traded on the stock exchange may initiate a buyback program with the decision of the board of directors, to be submitted to the information of the shareholders at the first general assembly to be held, without seeking the resolution of the general assembly; It was decided that the maximum amount of funds to be used should be included and that the decision of the board of directors be disclosed to the public within the framework of the Board’s regulations on material disclosures.
