Turkish stock market hit after coronavirus announcement

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The Istanbul Stock Exchange’s recovery proved short-lived after the Turkish government announced the global coronavirus outbreak had probably reached the country, unsettling investors on Tuesday, business news website Patronlar Dünyası reported.

After starting the week with a 5.5 percent loss at 106,021 points on Monday, in line with the fall in global markets last week following fears over COVID-19, Turkey’s main BIST 100 share index gained 2.41 percent on Tuesday morning. The index was trading at 106,600 points at a premium of 3 percent by the second part of the day.

However, the BIST 100 share index fell from 106,100 points to below 103,000 after Turkish Health Minister Fahrettin Koca announced that COVID-19 is probably already inside Turkey, despite no officially confirmed cases.

The lira increased to above 6.12 to the dollar from 6.10 after Koca’s comments.

Brent oil was sold above $37 per barrel, 10 percent higher than on Monday.

Ahval

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