Turkey’s Wealth Fund “comes to defense”: $ 240 million enters Istanbul Stock Market

The amount released by the Turkish Wealth Fund to support Borsa Istanbul, which suffered losses after the earthquake, has reached $ 240 million. This corresponds to 24 percent of the planned amount.

In Turkey, which has been coping by deaths and destruction after the earthquakes, the stock market was left open despite the declines in the first two days, and about 400 thousand investors in the region incurred losses.

The economic management announced a series of measures to compensate for the losses before reopening the stock exchange.

Following the regulations that facilitate share repurchases, companies have turned to share repurchases. Despite these moves, the stock market is following a volatile course, but the needle is moving up today with the news from the opposition front.

TURKISH WEALTH FUND ALLOCATES US$ 1 BILLION IN RESOURCES

The Turkish Wealth Fund (TVF) had also stepped in for the stock market. It was reported that TVF allocated at least $ 1 billion in resources to investment funds managed by state banks to support the stock market. Sources indicated that this money would be transferred to Ziraat Portfolio investment funds.

During last few days, there have been significant increases in the portfolios of exchange-traded funds belonging to Ziraat Portfolio. So much so that the size of some investment funds belonging to the Ziraat Portfolio has increased by more than 40 percent.

According to the Economy’s (newspaper) news, the amount of support for exchange-traded funds corresponds to $ 240 million. This corresponds to 24 percent of the $ 1 billion expected to be put on the market by TVF.