Turkey stock market down, lira falls to record low as Erdogan's rival, Istanbul mayor arrested
Written by Emily J. Thompson, Senior Investment Analyst
Source: SeekingAlpha
Turkish Lira and Market Reaction: The Turkish lira fell to a record low against the U.S. dollar, trading at 38.87, while Turkey's benchmark index dropped by 7% following the arrest of Istanbul Mayor Ekrem Imamoglu, a political rival of President Erdogan.
Political Implications of Arrest: Imamoglu's arrest is linked to corruption and terror probes, with warrants issued for 100 others; this event is seen as a "political coup" by CHP chairman Ozgur Ozel, occurring just before elections to select the opposition candidate for the 2028 presidential election.
Analyst Views on TUR
Wall Street analysts forecast TUR stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for TUR is USD with a low forecast of USD and a high forecast of USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
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Current: 39.080
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Current: 39.080
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About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
