EMERGING MARKETS REPORT: Turkey's Stocks, Currency Tumble On ...
NEW YORK (Dow Jones) -- Turkey's stocks and currency fell sharply Monday, as the country's political crisis deepened after the military threatened to intervene in the presidential elections to protect secular values, and the Islamist government came under pressure to call early general elections. Istanbul's benchmark IMKB-100 index closed down 4%, making it the worst performer among major stock market indices around the world Monday. The index earlier tested declines of over 6%. Turkey's currency, the lira, also tumbled. It was trading down 2.3% at 1.3590 against the dollar and down 2.5% at 1.8511 against the euro. Shares of Turkey's only U.S.-listed company, telecommunications provider Turkcell Iletsim Hizmetleri (TKC) , fell 4.7% to $14.14. At the heart of political tension in Turkey is the clash between secularists and the ruling AK Party, which has Islamist roots.
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