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Turkish Stocks Fall Most Since July 2016 Amid Lira Volatility

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Photographer: Yasin Akgul/AFP via Getty Images

Turkish stocks tumbled on Wednesday, with the benchmark BIST 100 suffering its biggest one-day drop since July 2016 and almost erasing all of its 2019 gains, as renewed volatility in the lira is prompting equity investors to sell ahead of Sunday’s local elections.

Turkish bonds also dropped, as the country orchestrated a currency crunch to prevent the lira from sliding, just days before the vote which will test support for President Recep Tayyip Erdogan’s rule.