Military threat hits Turkish stock market
Turkish financial markets were in turmoil today as the Turkish lira fell sharply and the stock market plunged following a weekend of political uncertainty that unsettled investors.
A tense stand-off between the Islamist-rooted government and the secularist Turkish army over presidential elections risks unnerving foreign investors who have returned to the high-growth country since a financial crisis in 2001, analysts said.
“Turkish markets will obviously be driven by politics this week,†said economist Claire Dissaux at Calyon, an investment bank.
The leading index on the Turkish stock exchange, which groups the 100 biggest Turkish companies, fell 8 percent at the opening on Monday before rising slightly off its lows.
In midday trading, it showed a loss of 6.23 per cent.
The Turkish currency, the lira, opened 4 per cent weaker against the euro and lost about 4.4 per cent against the dollar, its biggest fall since a broad selloff hit emerging country markets in May and June last year.
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Source: www.timesonline.co.uk
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