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Erdogan Shakeup Erases $24 Billion as Turkish Stocks Lead Rout

  • Equity index falls 8.8% in May, worst month since late 2013
  • Lira slumps 5.3% as bonds suffer worst loss in emerging world
Recep Tayyip Erdogan.

Recep Tayyip Erdogan.

Photographer: Drew Angerer/Getty Images
Updated on

Turkish stocks slumped the most in more than two years in May as the political turmoil that prompted the premier to resign sent investors fleeing the country’s assets.

The Borsa Istanbul 100 Index fell 8.8 percent this month, the most since December 2013 and the biggest slide in dollar terms among 93 benchmarks tracked by Bloomberg worldwide. Some $24 billion was erased from value of equities as steps by President Recep Tayyip Erdogan to tighten his grip on power pushed Turkish 10-year bond yields up the most in emerging markets and sent the lira tumbling 5.3 percent.