Turkish retailer Boyner’s shares taken into gross settlement

Turkey's largest non-food retailer Boyner Mağazacılık will be trading with the gross settlement method due to extraordinary price movements since the beginning of the week.

According to a statement which the Turkish stock exchange Borsa Istanbul (BIST) made to the Public Disclosure Platform (KAP) on Friday, the decision was made to ensure that the markets within BIST function properly. It will be effective for 15 days starting from Monday, December 15.

The gross settlement method refers to the practice of a company taking two days for shares to be traded; the shares should be traded with the corresponding amount of cash and equities.

Boyner Mağazacılık operates 145 stores throughout Turkey with 92.7 million annual visitors. 39.9 percent of the company's total shares are listed in BIST.

Their shares have increased by 65 percent since Monday.