Turkey Stock Market Halted, ETF Plunges 8.8% After Court Ruling Against Opposition
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Turkey's stock market experienced a temporary halt following sharp declines, with the iShares MSCI Turkey ETF (TUR) plunging 8.8%. This market instability was triggered by a court ruling that annulled the 2023 congress of the main opposition party, signaling increased political risk and economic uncertainty. Separately, NVIDIA shares were down 1.6% despite reporting an earnings beat, forecasting $91 billion for Q2, and announcing an $80 billion share repurchase program, as the broader US market slipped due to Iran's uranium demand.
At the time of this announcement, TUR was trading at $36.57 on NASDAQ in the Finance sector. The 52-week trading range was $29.64 to $43.98. This news item was assessed with negative market sentiment and an importance score of 8 out of 10. Source: Reuters.