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Bloomberg: Boom in Turkish Bank Stocks Is Halted by $5.1 Billion Rout

Bloomberg: Boom in Turkish Bank Stocks Is Halted by $5.1 Billion Rout​



Extract:
Turkish bank stocks headed for their steepest three-day drop on record as recent huge gains began unwinding in a hurry.

After surging 150% in about two months, the Borsa Istanbul Banks Index has fallen 24% since Monday’s close, erasing 94 billion liras ($5.1 billion) in market value. It fell about 10% on Thursday.

The rout was triggered by Tuesday’s hotter-than-expected US inflation data and quickly spiraled as some institutions faced margin calls.
 

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