On news of last Friday's now failed coup against President Recep Tayyip Erdogan, the Ishares Msci Turkey Inv Market Index Fd (NYSE: TUR) tumbled during after-hours trading that day, a trend that carried over to U.S. trading Monday when the Turkey ETF lost more than 6 percent on heavy volume.
Turkish Stocks, Post-Coup Attempt
TUR's struggles did not abate Tuesday. The lone U.S.-listed exchange traded fund dedicated to Turkish equities slumped another 5.1 percent on volume that was more than quadruple the three-month daily average even after Turkey's central bank lowered interest rates by 25 basis points while pledging to provide liquidity to the country's banks.
Obviously, these are not attractive results, but the good news is TUR is behaving exactly as expected. Yes, TUR has faltered in ...
/www.benzinga.com/news/16/07/8235302/ugly-results-but-turkey-does-its-job-amid-turmoil alt=Ugly Results, But Turkey Does Its Job Amid Turmoil>Full story available on Benzinga.com
More...