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Investors are increasing their bets on the economic woes of Turkey once the run-off election has been completed and President Recep T. Tayyip Erdoan's temporary financial solutions lose their effectiveness.
Forward contracts on foreign exchange show that investors are betting against a 40% devaluation of the lira over the next year. According to S&P Global Market Intelligence's 5-year credit default swap data, the cost of insurance against a Turkey's bonds in foreign currency has increased by a third.
In the last two days, the yields on government U.S. Dollar bonds maturing 2031 have risen above 9.5%.
BIST 100 Index
TR:XU100 (Istanbul Stock Exchange)