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Last Updated: Thursday, 18 May 2006, 12:15 GMT 13:15 UK
Court killing hits Turkey shares
Turkey protests
The Ankara attack brought protests as well as shares tumbling
A deadly courtroom gun attack has contributed to a tumble in Turkey's share, bond and currency values, analysts have said.

The killing of a prominent judge and injuring of four others fuelled concerns over stability in the country and compounded global market losses.

The lira weakened by more than 4% on Thursday to 1.5 against the dollar.

And the country's main share index was down 3%, after hitting a low for the year on Wednesday.

Tensions growing

In recent days, the country has seen a sell-off of assets on the back of high inflation, worries about possible early elections and tensions between the secular establishment and the government.

These tensions were exacerbated on Wednesday when the gunman struck at Turkey's highest court, in the capital, Ankara.

The attacker, believed to be a lawyer, said he was acting in revenge for a court ruling that schoolteachers, banned from wearing the Islamic headscarf at work, could not cover their heads even on their way to school. Turkey would struggle economically until the global market turbulence ended and, crucially, it solved its own domestic problems, said Tera Brokers managing director Emre Tezmen.

"Those problems stem mainly from the political arena as [the] terrorist attack demonstrated," he said.

We fear that the political uncertainties will not get any better any time soon, if not get worse."

About 25,000 people marched to the mausoleum of modern Turkey's founder, Mustafa Kemal Ataturk, in protest at Wednesday's attack.

Country profile: Turkey
05 Apr 06 |  Country profiles


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