September 16, 2014

Bank Asya resumes trade after ban lifted

Turkey's stock exchange on Monday lifted the ban on trading Bank Asya shares that it imposed on Aug. 7 amid a smear campaign conducted by pro-government media outlets about the ownership status of the lender.

The stocks of the private lender slumped 20.16 percent to TL 0.99 at the end of the second session. According to a statement made before the first session by the Public Disclosure Platform (KAP), the shares of the bank has been opened to trade at the base price of TL 1.23 within a price margin of plus or minus 10 percent.

Following the İstanbul Finance Summit on Monday, İstanbul Stock Exchange (İMKB) President İbrahim Turhan responded to journalists' questions, saying any statements about Bank Asya resuming trade will be made in writing as the subject is very delicate. Answering a question about why the shares of Bank Asya had not been allowed to trade within a free margin, Turhan said they were not obligated to make such a decision and that it was made upon their technical evaluations.

Published on Today's Zaman, 15 September 2014, Monday