The cost of insuring Turkish debt against default using five-year credit-default swaps also rose.
“The market is under the crossfire,” Bulent Topbas, a fund manager at Strateji Menkul Degerler, told Bloomberg. “Investors were already exiting emerging markets on speculation that the U.S. Federal Reserve will reduce asset purchases. The protests have added insult to injury.”
Trading volume in the Turkey ETF has spiked this week.
iShares MSCI Turkey ETF