Turkish stocks and currency slump
Published April 30th, 2007
Turkey’s main stock index and its currency, the lira, have tumbled amid fears that the army will block the government’s pick for president.
The main ISE National 100 index lost 8% at the open, while the lira dropped as much as 4% in early trading.
The ISE National 100 share index fell 3745.18 points, or 8%, to 43,116.13 and the lira also headed south to 1.3882 against the US dollar after trading at 1.32 on Friday - its strongest level for nearly a year.
“We would expect a sharp downward market correction… as investors recognise that political risks have notched up significantly,” said Bear Stearns economist Timothy Ash.
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