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Turkey Stocks Drop to 7-Week Low After Border Crossing Blast

Feb. 11 (Bloomberg) -- Turkish stocks dropped to their lowest this year and the lira depreciated after a car-bomb attack at a crossing on the border with Syria killed at least 10 people.

The Istanbul Stock Exchange National 100 Index tumbled 1.8 percent to 77,255.83 at the close in Istanbul, the lowest level since Dec. 21. The lira retreated 0.3 percent to 1.7761 per dollar, the weakest in a month.

Dozens were wounded in the blast at the Cilvegozu border point, according to a report by the state-run Anatolia news agency. Turkey has supported Syrian rebels in their fight to topple President Bashar al-Assad.

“The blast hit market sentiment,” Mehmet Gerz, the chief executive officer of Istanbul-based Ata Invest, said by phone. “What concerns investors is the possibility that Turkey might be dragged into the turmoil in the region.”

To contact the reporter on this story: Taylan Bilgic in Istanbul at tbilgic2@bloomberg.net

To contact the editor responsible for this story: Claudia Maedler at cmaedler@bloomberg.net

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