Turkish Stocks Have Biggest Week Loss Since February on Deficit
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Turkish stocks slumped the most in two months, sending the ISE National 100 Index to its biggest weekly drop since February, on concern the current-account deficit may worsen, forcing the central bank to tighten monetary policy. The lira weakened and bond yields rose.
The ISE 100 fell 1,949.91, or 2.9 percent, to 64,585.22 at the 5:30 p.m. close in Istanbul, bringing its drop in the past five days to 5.4 percent. The lira weakened 1.2 percent to 1.5960 per dollar in late trading. Yields on benchmark two-year bonds rose 12 basis points, or 0.12 percentage point, to 8.74 percent, the highest since April 14, according to a Royal Bank of Scotland Group Plc index.