Traders walk on the floor of the Borsa Istanbul in Istanbul. Photo: Reuters/Murad Sezer

Turkey’s Istanbul 30 stock index is down almost 2%, mainly due to sharp falls in the major banks. Garanti is down by more than 4% and Halk Bank is down by more than 3%.

Turkish Airlines also fell sharply. The plunge in the Istanbul index occurred while European and most emerging market stocks rallied and the embattled Turkish lira was largely unchanged.