Foreign investors leave a weak Turkish market

The Turkish economy has been in a state of disarray following a sharp fall in the country's balance of payments, according to Michael Hughes, client portfolio manager for emerging markets at Chase Fleming. He says Turkey is going through its second major economic crisis in less than six months. Domestic debt stands at $4.5bn and the currency is depreciating against the dollar. In addition, foreign investors have pulled out of the market. For the year end to March 2001, the Turkey stock market has fallen 42.82% in local currency terms. Hughes warns there are concerns from foreign inv...