Garanti Bankasi shares climb 4.7% on buyback plan

Garanti Bankasi shares experienced a 4.7% increase on Wednesday following the Turkish lender's announcement of a new buyback program. The bank allocated up to 11 billion lira ($219.94 million) for the repurchase of up to 85 million shares, marking its first share buyback in history. Brokerage firm Deniz Yatirim noted that the buyback could provide support for the stock during challenging market conditions, as Garanti Bankasi has a relatively low free float compared to other private-sector banks covered by the firm.

The move suggests that management believes the current market valuation is inadequate given the bank's performance.

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