Turkey bank shares fall sharply

Business | 13 Aug 2018 6:36 pm

Shares in Turkish lenders tumbled today, leaving them on track to post their heaviest retreat since 2013, amid persistent volatility in the lira, the Financial Times reported.

The BIST 100 banks index dropped by 10 percent from Friday’s closing level, the third trading day in a row the gauge has fallen. It is now down by 43 per cent for the year to date.

Of the 13 companies listed in the index, all but one was down today. Turkiye Is Bankasi (Isbank), Akbank and Turkiye Garanti Bankasi, Turkey’s three biggest publicly traded banks by market value, were each down by more than 10 percent. Yapi ve Kredi Bankasi, a large commercial bank, was down by 12 percent.

Yapi Kredi, Akbank and Isbank were all halted at one point during the trading session after hitting circuit breakers designed to ease market volatility, according to Reuters data, the FT said.-Graphic: FT

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