Thursday 12 June 2014

Turkish markets tumble over Iraqi turmoil fears - ECONOMICS

Turkish markets tumble over Iraqi turmoil fears - ECONOMICS:



"The Turkish Lira has weakened against the U.S. dollar and stocks opened the day with losses due to heightened concerns over the turmoil in neighboring Iraq.



The lira/dollar ratio climbed over 2.12 in the morning as investors fear the geopolitical risks in Iraq may have knock-on effects in Turkey.



Forty-nine Turkish citizens, including Consul General Öztürk Yılmaz, were taken hostage by militants of the Islamic State in Iraq and the Levant (ISIL) in the northern Iraqi city of Mosul on June 11.



The Istanbul Stock Exchange also had a weak start to June 12, after plummeting by around 3.3 percent following reports of seizure of hostages the previous afternoon. The BIST-100 index opened with losses over 1 percent, before rising slightly.
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'via Blog this'

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