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Turkish stocks decline with the direction of the presidential elections towards a run-off

Adel 15 May, 2023 3:50 pm Forex Market, Market Update

Turkish stocks fell on Monday as the presidential election appeared to be headed for a run-off and incumbent President Recep Tayyip Erdogan advanced.

The main index of Turkish stocks fell more than six percent at the open, which led to a halt to trading on the stock exchange before it recouped some of its losses and was trading down 2.9 percent by 0857 GMT.

The banking sub-index fell 9.10 percent, leading the main index’s losses.

Granti Bank shares fell as much as 10 percent in morning trading, and Yapi Credit Bank shares fell 9.97 percent.

Shares of Emlak (DFM:AMLK) Konut Real Estate, Steel Industry Kardemir, Koza Altyn Gold Mining and Aselsan Defense were among the best performers on the main index, rising between 5.5 and 9.9 percent.

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