Turkey's stock market just posted its 6th straight weekly loss, the longest losing streak since February 2008The BIST 10…
Turkey's stock market just posted its 6th straight weekly loss, the longest losing streak since February 2008
The BIST 100 fell 5.16% this week to 11,117 and is now down about 23% since September 11Friday it dropped as much as 4.6% intraday to its lowest level in about 11 monthsTurkish stocks have lost about ₺6 trillion ($120 billion) in market value since mid SeptemberThe trigger was a fund crisis. Regulators ordered 131 investment funds holding ₺936 billion ($19 billion) into liquidation, hitting more than 455,000 investorsAnd the selling kept going even after Turkey's central bank cut rates by 100 bps to 36% on ThursdayWhen a rate cut can't stop a 6 week slide, the problem is trust, not rates. $TUR holders should watch whether repayments to trapped fund investors actually landSource: StockMarket.News
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