Istanbul Stock Exchange Falls 6.38% Before Opening
Runoff Election Scheduled for the 28th
When President Recep Tayyip Erdogan took first place in the Turkish presidential election vote, the Istanbul stock market plummeted.
According to major foreign media on the 15th (local time), the Borsa Istanbul stock market triggered a circuit breaker to halt trading after the index fell 6.38% before the market opened on the morning of the day the first round of the presidential election results were announced.
The circuit breaker was activated at 9:55 a.m., before the market opened and trading began, and was lifted at 10:30 a.m.
According to the results of the Turkish presidential election count conducted the previous day, President Erdogan took first place with 49.4% of the vote, surpassing Kemal Kılı?daro?lu, leader of the Republican People's Party (CHP), who received 44.96%.
However, since President Erdogan's vote share did not exceed the majority, a runoff election between the two candidates is scheduled for the 28th.
In recent years, despite hyperinflation, President Erdogan pursued a "contrarian" economic policy of continuously lowering interest rates according to Islamic principles, and for this purpose, he repeatedly replaced the central bank governors.
Ahead of the presidential election, Kılı?daro?lu's support rate appeared to be leading, but the counting results overturned expectations, and President Erdogan took first place.
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