The Turkish stock market extended losses on Friday, falling 370 points, or 4.23 percent, to 8,378 points in morning trading, unsettled by a sharp rise in interest rates, analysts said.
The Istanbul market's index had closed on Thursday with a heavy fall, dropping 764 points, or 8.0 percent, to close at 8,748.
Friday's fall was due to rocketing overnight interest rates, which soared to 400 percent Thursday after the central bank cut emergency funding since last week for the cash-starved markets, analysts said.
"It is not possible to trade at the stock market with such interest rates," Ugur Yilmaz from Gedik Investment said.
The stock market has been falling sharply since last week when panic hit the markets amid speculation over bank bailouts and rumors of a devaluation. The mood has also been soured as investors grow increasingly concerned over delays in privatization and the introduction of economic reforms by the government -- ANKARA (AFP)
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