Turkey capital markets

By a curious coincidence, the Istanbul Stock Exchange’s Monday opening was delayed by an hour just as investors were steeling themselves for another torrid day.

Just as conspiracy theorists were wondering whether it might be the first attack in the assault on “speculators” promised by premier Recep Tayyip Erdogan, officials announced it was all due to “a technical problem” with index calculation.

However, any relief was short-lived. The BIST 100 opened 2.4 per cent down and still trading 1.8 per cent lower an hour later. Meanwhile the lira fell more than 1 per cent against the dollar. 

Turkey might not be a country that tops the freedom of the press list. As a recent report on Turkey by the Committee to Protect Journalists suggests, the country does still have “issues” regarding the reporting of activities of Kurdish opposition groups in particular.

But that should be no excuse for the wholesale misreporting of the country’s new Capital Markets Law, complete with dire warnings that it contains clauses criminalising acts such as sloppy reporting or analysis and that journalists and analysts who provide “wrong or untruthful information” could face jail sentences of up to five years.