Istanbul bourse extends losses a day after election

Coca-Cola Icecek AS

16/05/2023 08:55

GDANSK/ISTANBUL, May 16 (Reuters) - Turkish stocks fell
slightly on Tuesday, extending losses after a highly volatile
first session following Sunday's inconclusive presidential vote
that will require a second round of voting on May 28. 
    Turkey's benchmark BIST-100 index  .XU100  dipped around 2%
pre-market and turned briefly positive shortly afterwards,
before pairing gains again.
    It was down 0.41% by 0740 GMT.
    BIST-100 index closed down 6.14% on Monday as investores
weighed the country's prospects heading into a presidential
run-off vote amid what Fitch called "increasing macro and
external pressures".
    The banking sub-index  .XBANK  again led losses on the
index, with a 8.5% fall.
    Shares of Yapi Kredi  YKBNK.IS , Is Bank  ISCTR.IS  and
Akbank  AKBNK.IS  crashed more than 9.9% in pre-trade alongside
major conglomerate Koc Holding  KCHOL.IS , discount chain BIM
 BIMAS.IS  and Coca-Cola  CCOLA.IS .
    Mining company Koza Madencilik  KOZAA.IS , commercial and
military vehicle producer Otokar  OTKAR.IS  and steel producer
Kardemir  KRDMD.IS  were among the best performers on BIST-100
index, rising between 3.22% and 4.53%.

 (Reporting by Canan Sevgili, Azra Ceylan
Editing by Gareth Jones)
 ((Azra.Ceylan@thomsonreuters.com))