Bloomberg News

Turkish Banks Head for Longest Losing Streak on Record

November 24, 2011

Nov. 24 (Bloomberg) -- Turkish banks headed for the longest losing streak on record after German Chancellor Angela Merkel said she opposed common euro-area debt sales and Fitch Ratings cut the country’s credit outlook to “stable” from “positive” yesterday.

The index of 16 Turkish banks fell 0.9 percent to 99,101.67 at 4:43 p.m. The index dropped for the ninth day. Turkiye Is Bankasi AS led declines, sliding 2.5 percent to 3.53 liras.

To contact the reporter on this story: Benjamin Harvey in Istanbul at bharvey11@bloomberg.net

To contact the editor responsible for this story: Mark Bentley at mbentley3@bloomberg.net


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