7/21/2016, 12:38 PM (Source: TeleTrader)
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Shares in Istanbul dip with state of emergency

Equities on the Turkish capital market tumbled for the fourth consecutive day on Thursday, after president Recep Tayyip Erdoğan yesterday declared a state of emergency. His move follows a swift failure of a military coup launched on July 15 and the start of a crackdown on political opponents. Under the constitution, the parliament needs to approve the decree. A strong majority of lawmakers represents Erdoğan's Justice and Development Party (AKP). 

The Dow Jones Turkey Titans 20 Index slumped 4.62% to 387.15 points at 12:31 p.m. CET, after dropping as low as 383.32 earlier in the session. The gauge of the largest companies and most liquid shares lost 16.95% in the past week. The lira edged 0.32% higher against the dollar to 3.0792 at 12:31 p.m. CET, following the daily high of 3.0546. At the same time, Turkish currency strengthened 0.22% compared 3.396 for one euro. It lost 7.07% and 6.03%, respectively, against the two major counterparts from the level of one week ago.

The FTSE 100 was 0.42% in the red, the DAX inched 0.1% below the flat line and the CAC 40 shed 0.33% (all 12:21 p.m. CET).

Baha Breaking News (BBN) / IT