Koza Altin Drops Most on Record as Gold Slumps: Istanbul Mover
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Koza Altin Isletmeleri AS plunged the most on record amid speculation the Turkish gold miner’s earnings will be hit as a two-day slide in the precious metal pushed it into bear market territory.
The shares tumbled 11 percent to 34.7 liras at the close in Istanbul, the biggest drop since it first sold shares to the public in February 2010. About 3.6 million shares changed hands, more than six times the stock’s three-month average daily volume, according to data compiled by Bloomberg. Gold fell 7.8 percent to $1,366.87 an ounce, bringing its back-to-back loss to 13 percent. The precious metal has lost 24 percent since it reached 1792.42 per ounce on Oct. 4.