Turkey’s stock market recorded the worst performance in the world in August as high interest rates and inflation eroded corporate profits, Bloomberg reported.
The İstanbul stock exchange fell by 8.2 percent over the month.
Foreign investors withdrew $2.9 billion from the market in the three months before August 16, according to central bank data.
Turkish companies are expected to report a 28 percent drop in net profit this year, with the real impact of the country’s tight monetary policy more likely to be seen in third-quarter results.
Investors remain uncertain about the outlook for the market.