BUZZ-Turkey-focused ETFs slump after Erdogan's main rival detained

Reuters
03-19
BUZZ-Turkey-focused ETFs slump after Erdogan's main rival detained

** Exchange traded funds focused on Turkey tumble, tracking a selloff in domestic markets

** Turkish authorities detain Ekrem Imamoglu, President Tayyip Erdogan's main political rival

** Main opposition party calls move "a coup against our next president"

** U.S.-listed iShares MSCI Turkey ETF TUR.O drops 10% to $34 in premarket trading, will open at over three-week low if losses hold

** Paris listing of Amundi MSCI Turkey UCITS ETF LTUR.PA, TURU.L down nearly 12% to lowest level since November

** Turkish lira TRYTOM=D3 drops as much as 14.5% against the dollar, BIST 100 index .XU100 drops nearly 6% and set for worst day since October 2023

** As of Tuesday's close, TUR has over $205 million in net assets, as per iShares, ETF traded at a slight discount of 0.67% to its net asset value

** Prior to day's selloff, TUR ETF was up over 5% for the year, outperforming the U.S. benchmark index's 4.5% loss

(Reporting by Lisa Pauline Mattackal)

((LisaPauline.Mattackal@thomsonreuters.com;))

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