The Borsa Istanbul Stock Exchange administration decided to open and close 30 minutes late in order to overcome the troubles accompanying Daylight Saving Time (DST), according to Dünya daily.
The Energy Ministry's ongoing demand regarding the continuation of DST year-round has been finally put into effect by making the timing system implemented since 1973 permanent. Clocks across the country will not be turned back one hour on Oct. 30, following the majority of the world. It was reported that thanks to this implementation, Turkey will save more energy by utilizing the daylight more, totaling the amount of energy saved to TL 2.5 billion.
Because of Daylight Saving Time, which is still in practice in Turkey, Borsa Istanbul will not be able to catch up with U.S. stock exchanges at closure when the Daylight Saving Time ends in the U.S. and Europe.
Considering this, the Borsa Istanbul administration had stockbrokers conduct a survey to enable foreign investors to make transactions and make transaction hours more compatible. As a result of survey results, the Borsa Istanbul extended its opening hour from 9:30 to 10:00 a.m. and its closing time from 5:30 to 6:00 p.m. in order to prolong the duration of joint transactions with European markets.
Specialists say the closing time difference between the Borsa Istanbul and the London Stock Exchange, with which Istanbul has the highest transaction volume, will decline.
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