Turkiye’s stock market tumbles, bonds drop

LONDON: Trading on Turkey’s stock market was temporarily halted after sharp falls and the government’s bonds slid on Thursday, after one of the country’s top courts dealt the latest blow to the main political opposition party.

The court’s move annulled the 2023 congress of the main opposition Republican People’s Party in which its current chairman, Ozgur Ozel, was elected.

It fuelled a 6 percent drop on the country’s main BIST 100 equity index which triggered a market-wide circuit breaker, while the nation’s sovereign bonds sold off as much as 1.2 cents which for many was the biggest fall since late March.