5/15, 10:42 AM (Source: TeleTrader)
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Istanbul's BIST 100 falls 3% as Turkey faces runoff election

The Istanbul BIST 100 index sank more than 3% on Monday as the country awaited the final results of the presidential elections, with the preliminary data indicating that a second round of voting, which is likely to take place on May 28, will be required to determine the new Turkish leader.

President Recep Tayyip Erdogan was able to secure the majority, earning 49.42% of the 99.38% of votes that have been tabulated thus far. However, a contender must surpass the 50% threshold in order to win the presidency. Kemal Kilicdaroglu, the leader of the opposition Republican People's Party (CHP) garnered 44.95% of the vote. In parliamentary elections, Erdogan's governing coalition received 49.37% of the overall vote, while the opposition coalition gained 35.12%, according to data by Turkish state media.

The BIST 100 dropped 3.06% at 10:27 am CET.

The American currency rose 0.42% against the Turkish lira, trading at $19.66110 at 10:45 am CET.

Baha Breaking News (BBN) / AB