(Bloomberg) -- Turkish stocks tumbled on Wednesday, with the benchmark BIST 100 suffering its biggest one-day drop since July 2016 and almost erasing all of its 2019 gains, as renewed volatility in the lira is prompting equity investors to sell ahead of Sunday's local elections.
Turkish bonds also dropped, as the country orchestrated a currency crunch to prevent the lira from sliding, just days before the vote which will test support for President Recep Tayyip Erdogan's rule.
The BIST 100 index, which entered a bull market in February, has dropped 13 percent since an intraday peak on March 19. Short-term volatility with Turkish equities trading surged to the highest level since September.
Read More: Investors Scramble for Liras as Turkish Swap Rates Touch 1,000%
To contact the reporter on this story: Filipe Pacheco in Dubai at fpacheco4@bloomberg.net
To contact the editors responsible for this story: Celeste Perri at cperri@bloomberg.net, Blaise Robinson
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