Monday, April 30, 2024
By Steven L. Taylor

Via the BBC: Turkish stocks and currency slump

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 had lost 4% by late afternoon trading, while the lira was down 2.4%.

Hundreds of thousands of people rallied in Istanbul over the weekend to protest against the candidacy of Abdullah Gul.

Protesters in support of secularism in Turkey are concerned that Mr Gul has remained loyal to his Islamic roots.

It is not surprising that a coup threat would upset the markets, given that markets tend to dislike uncertainty. This is interesting, however, as the business sector has been opposed to a Gul Presidency. However, the overall market seems to think that a coup is worse for business than Gul’s election.

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