Monday, June 3, 2013

Turkish stocks tumble after protests

Turkey’s main stock market index opened 6 per cent down on Monday amid the country’s biggest demonstrations in years, as tensions grow between the Islamist-rooted government and secular middle-class Turks.

The Borsa Istanbul 100 fell to 79,047 in early trade, more than 8 per cent below the previous close before the weekend’s protests. It then recovered to trade at about 5 per cent down. The lira weakened about 1 per cent against major currencies and yields on government bonds rose about 20 basis points.