Bloomberg "Anywhere" Remote Login Bloomberg "Terminal" Request a Demo


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Turkish Stocks Decline in Longest Losing Streak Since Lehman

July 22 (Bloomberg) -- Turkish stocks fell for a seventh day, capping the longest losing streak since Lehman Brothers Holdings Inc. collapsed in September 2008, as concern deepened the country’s current-account deficit may worsen.

The ISE National 100 Index lost 1,080.01, or 1.8 percent, to 59,802.32, bringing the week’s loss to 4.5 percent, the biggest decline among the world’s 70 largest equity markets. The lira weakened for a third day, depreciating 1.9 percent to 1.6976 per dollar. The currency has fallen 9 percent this year, the worst performer among more than 20 emerging-market currencies tracked by Bloomberg.

Concern over Turkey’s current-account deficit swelling to record levels and the lira’s rapid depreciation drove the retreat in stocks, Bali Ekin, head of equity trading at Credit Europe Bank NV in Amsterdam, said in e-mailed responses to questions. “Fund managers are gun-shy on the Turkish market at the moment, and you need some catalysts to inspire them,” he said.

The banking index plunged 2.7 percent, its biggest drop in a month. Turkiye Garanti Bankasi AS, the largest company by market value in the index, dropped 24 kurus, or 3.3 percent, to 7 liras, the most in two months.

The market is losing faith that the government has a real plan to deal with the current-account deficit, according to Isik Okte, a trader at Finans Invest in Istanbul.

“Locals are panicking so they are selling their stock holdings,” Okte said in e-mailed comments.

To contact the reporter on this story: Benjamin Harvey in Istanbul at

To contact the editor responsible for this story: Gavin Serkin at

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.