Turkish Stocks Fall Most in 10 Months, Putting Rally on Hold

Turkish stocks suffered their steepest drop in 10 months, coming off fresh record highs earlier this week, as investors took a shift in global risk appetite as an excuse to take profits in the world’s top-performing market last year. 

The benchmark BIST 100 Index fell 7.4% in its biggest drop since Feb. 24, triggering two market-wide circuit breakers. The selloff accelerated in the afternoon, as evidence of strength in the US labor market added to evidence that the Federal Reserve will stick to a rate-hiking path.