{"id":9251,"date":"2023-05-16T02:50:18","date_gmt":"2023-05-16T06:50:18","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/turkey-etf-ends-8-lower-as-presidential-election-heads-for-runoff\/"},"modified":"2023-05-16T02:50:20","modified_gmt":"2023-05-16T06:50:20","slug":"turkey-etf-ends-8-lower-as-presidential-election-heads-for-runoff","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=9251","title":{"rendered":"Turkey ETF ends 8% lower as presidential election heads for runoff"},"content":{"rendered":"
\n

An exchange-traded fund that tracks Turkey\u2019s stock market tumbled on Monday as the nation headed for a runoff vote after longtime leader President Recep Tayyip Erdogan pulled ahead of his rival, <\/strong>Kemal Kilicdaroglu, but fell short of an outright victory that would extend his two-decade rule of the NATO-member country.\u00a0<\/p>\n

The iShares MSCI Turkey ETF
\n TUR,
\n -8.39%<\/bg-quote>,<\/span>
\n which tracks several dozen Turkish equities, ended 8.4% lower on Monday. <\/p>\n

\n

The country\u2019s major stock index, the Borsa Istanbul 100 Index
\n XU100,
\n -6.14%<\/bg-quote>
\n \u2014 which tracks the performance of 100 companies selected from the National Market, real-estate investment trusts and venture capital investment trusts listed on the Istanbul Stock Exchange \u2014 tumbled over 6%. The sharp selloff prompted the Istanbul exchange to halt trading briefly on Monday.<\/p>\n

The Turkish currency
\n USDTRY,
\n +0.12%<\/bg-quote>
\n touched a record low of 19.67 against a strong U.S. dollar on Monday morning.\u00a0<\/p>\n

See:<\/strong> Turkish stocks tumble and dollar reaches new high vs. lira after election stalemate<\/p>\n

With almost all the ballots counted, Erdogan led his major challenger Kilicdaroglu with 49.4% of votes to Kilicdaroglu\u2019s 44.96%, according to the High Election Board. Erdogan is set to face Kilicdaroglu in a second round of voting on May 28 as neither candidate appears to have won the 50% of votes needed for victory as of Monday. <\/p>\n

Economic uncertainties have shaken support for Erdogan as the country reels from the two-decade high inflation attributed to the president\u2019s unorthodox monetary policy to reduce interest rates despite cost-of-living crisis, as well as its most devastating earthquake since 1999 that killed more than 59,000 people earlier this year.\u00a0<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

An exchange-traded fund that tracks Turkey\u2019s stock market tumbled on Monday as the nation headed for a runoff vote after longtime leader President Recep Tayyip Erdogan pulled ahead of his rival, Kemal Kilicdaroglu, but fell short of an outright victory that would extend his two-decade rule of the NATO-member country.\u00a0 The iShares MSCI Turkey ETF […]<\/p>\n","protected":false},"author":1,"featured_media":9252,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-9251","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nTurkey ETF ends 8% lower as presidential election heads for runoff | iFintechWorld<\/title>\n<meta name=\"description\" content=\"An exchange-traded fund that tracks Turkey\u2019s stock market tumbled on Monday as the nation headed for 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