Turkey ETF slumps, set for worst week since 2018 on political turmoil

iShares MSCI Turkey ETF TUR.O drops 7.8% to $30.68, a nearly two-year low

Fund on track for weekly losses of over 20%, set for worst week since August 2018

Slump sparked by market turmoil following Turkish authorities' detainment of Istanbul mayor Ekrem Imamoglu, President Tayyip Erdogan's main political rival, on Wednesday

Opposition in Turkey calls move a coup attempt

Turkish stocks .XU100 tumble, main index on track for worst week since 2008 financial crisis, dollar bonds drop

Index of bank stocks .XBANK drops 9.6%; banking stocks make up about 20% of TUR's holdings, as per iShares data

Central bank also suspended its one-week repo auction and hiked overnight lending rate to 46%, dashing hopes for a rate cut in April

Paris-listed Amundi MSCI Turkey UCITS ETF LTUR.PA down 8% and set for worst week since March 2021

TUR ETF trading at over 8% discount to net asset value, as per data compiled by LSEG

Week's losses have erased TUR's 2025 gains; fund now down over 14% YTD