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Turkcell off 2.4% as lira hits record low

  • A record low for Turkey's lira against the dollar is driving the country's market lower -- and the currency's performance tends to hit wireless provider Turkcell (TKC -2.4%).
  • The Turkish lira would be the world's worst performer in emerging markets, except for the Brazilian real.
  • Conflict continues between the country's central bank and the government of President Recep Tayyip Erdogan, who's accused the bank of treason for resisting rate cuts.
  • Meanwhile, with the announcement of 4G tender specifications by the government, Turkcell says it's ready to launch 4G service in country "at the earliest possible time." The tender is expected by the end of May; "Had the government held the tender tomorrow, we would have been ready for it," says acting CEO Ilker Kuruoz.
  • Related stocks: (OTCPK:OGZPY -2.3%), (OTCQX:TKGBY -4.3%), (OTCPK:TAVHY -1.9%). ETF: (TUR -4.1%)
  • Previously: Turkcell follows Turkish trades lower (Feb. 27 2015)
  • Previously: Turkey tumbles as government takes over Bank Asya (Feb. 04 2015)

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Comments (4)

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And how is this connected to OGZPY aka Gazprom?
Joe de Mencia profile picture
Add me to the list of wonderers.
Jason Aycock profile picture
Sorry, the headline may make you think "related to Turkcell" but it was really about the sinking lira, Gazprom's exposure to it which is growing, and the likelihood that there may be other lira impacts on Gazprom's business pressing the stock.
Joe de Mencia profile picture
Jason, that's a really great point, but I doubt they were thinking it this far.

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