Market Extra: Popular Turkey-specific fund climbs as Erdogan suffers election defeat

A popular exchange-trade fund that tracks Turkey’s stock market was climbing on Monday after Ekrem Imamoglu of the Republican People’s party won a key closely watched mayoral race over the weekend, representing a rebuke to the country’s leader President Recep Tayyip Erdogan and his Justice and Development Party, or AKP party.

The iShares MSCI Turkey ETF TUR, +1.62% was up about 1.5% in Monday trade, while the U.S. dollar USDTRY, -0.4123% traded at 5.8095 lira Monday, representing a slight 0.2% gain for lira’s against the greenback based on Friday’s closing value for lira at 5.8217. However, the lira had been up more sharply in the aftermath of the election overnight.

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