Quake Latest: Stock Market Closure Debate; Steel Output Hit

(Bloomberg) -- Turkish officials are considering extending a closure of the Istanbul stock market past Wednesday, according to people familiar with the matter. Turkish opposition urged Capital Markets Board and Borsa Istanbul’s top officials to resign for keeping the stock market open in the first days after two powerful earthquakes rocked Turkey’s southeast and Syria, killing more than 37,000 people. Twin quakes hit 32% of Turkey’s steel production according to an industry association. Key Developments: Turkish Business Group Sees Quakes’ Economic Toll at $84 Billion Why Turkey’s Next Election Is a Real Test for Erdogan: QuickTake Turkish Anger Turns to Erdogan Over Quake Delays, Weak Buildings Quake Aid Is Political Pawn as Powers Clash Over Syria Access Turkey Wants Russian Green Light for Faster Aid Flow Into Syria (All times Istanbul, GMT+3) Death Toll Nears 38,000 (3:30 p.m.) The death toll in Turkey from the two quakes rose to 31,643, disaster management agency AFAD said. In Syria, the toll is 6,000, according to the Syrian Observatory for Human Rights, which uses a network of activists on the ground. The death toll has now far exceeded that of the 1999 earthquakes near Istanbul, when about 18,000 people died, according to official figures. Quakes Hit About a Third of Turkish Steel Output (2:44 p.m.) Twin quakes hit 32% of Turkey’s steel production according to Turkey’s Steel Producers Association. Steel-makers in the quake-hit area will remain shut for weeks, with possible re-openings in first half of March. Opposition Urges Market Regulators to Resign (14:16 p.m.) Turkish main opposition CHP leader Kemal Kilicdaroglu urged the head of Turkish Capital Markets Board as well as Borsa Istanbul officials to resign. Speaking in front of the board’s headquarters in Ankara, Kilicdaroglu said investors living in the earthquake area should be refunded for their stock market losses while markets remained open on the first two days after the disaster. Market Closure Extension (12:50 p.m.) Turkish officials are considering extending a closure of the Istanbul stock market past Wednesday, after halting trades last week, according to two people with direct knowledge of the discussions. The Capital Markets Board, stock exchange, and Treasury and Finance Ministry declined to comment. Identifying the Dead (11:15 a.m.) Authorities are collecting blood samples from relatives of people who are believed to have died in order to identify thousands of victims, state-run news agency Anadolu said. Earthquake Might Slow Turkish Textile Exports (8:15 a.m.) The earthquake-stricken areas in Turkey were a hub for the production of textile raw materials, according to Ekonomi newspaper. The region mainly traded with the Middle East, and the earthquakes could lead to a significant impact on textile exports, the daily cited businessman Erol Gulmez as saying. Yarn factories in Kahramanmaras may have to suspend work for six months. Cover Up Allegations (01:06 a.m.) Legal activists have blamed the government of blatantly covering up evidence by hastily demolishing a one-story state building, housing concrete samples and files about collapsed buildings in quake-stricken Hatay province. The country’s urbanization ministry denied the allegations and said the data was already digitally saved and that the files would be transferred elsewhere. However, activists said the abolishment was done before the files were taken out of the building as Fox TV footage showed images of hundreds of files among the debris. University Closures Criticized (01:00 a.m.) The government’s decision to shift to distance learning for university students has been criticized by academicians and opposition leaders who argue that sacrificing the quality of education is a serious mistake. Instead, they propose that the government should have relocated people left without shelter to hotels along the country’s Mediterranean and Aegean coasts. Hatay Airport Reopened (00:47 a.m.) Turkey has repaired the airport in Hatay province as civilian and rescue flights resumed late Sunday. --With assistance from Beril Akman, Asli Kandemir and Taylan Bilgic. ©2023 Bloomberg L.P.

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