(Bloomberg) -- Turkish stocks tumbled on Wednesday, with the benchmark BIST 100 suffering its biggest one-day drop since July 2016 and almost erasing all of its 2019 gains, as renewed volatility in the lira is prompting equity investors to sell ahead of Sunday’s local elections.
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Turkish bonds also dropped, as the country orchestrated a currency crunch to prevent the lira from sliding, just days before the vote which will test support for President Recep Tayyip Erdogan’s rule.
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The BIST 100 index, which entered a bull market in February, has dropped 13 percent since an intraday peak on March 19. Short-term volatility with Turkish equities trading surged to the highest level since September.
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