Turkish stocks extend decline as election uncertainty mounts
By Bloomberg
Turkish stocks dropped to the lowest level in almost seven weeks as the prospect of a coalition government continued to unnerve investors.
The Borsa Istanbul 100 Index retreated 1.9 percent to 81,406.29 at 3:14 p.m. local time, extending declines to a third day and taking this year slide to 5 percent. Turkey’s benchmark gauge of equities is now trading below its 200-day moving average after it closed below the 50-day measure on Thursday.
At least three polls published prior to May 28 showed the ruling Justice and Development Party struggling to secure enough seats in the June 7 vote to govern Turkey alone. Concern has been building that a coalition could damage the country’s ability to bolster its economy.
“The market is worried a coalition government may not make decisions in a timely manner, that conflicts between the parties may risk or end the coalition, and stability may be damaged,” Pinar Uslu, a strategist at Istanbul-based ING Bank AS, said by e-mail.
Publication of new voter surveys in Turkey is illegal immediately prior to an election.
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