Turkey’s stock market has been riding for a fall. Two weeks ago the Istanbul 100 index hit its all-time high, surpassing even the peaks of 2007. There have been extreme ups and downs since, but its 17 per cent drop since May 22 is the sharpest for a while, and the protests that have paralysed Istanbul in the past few days do not offer a full explanation. The wider issue is that Turkey’s stock market valuation has got out of whack with its economic realities.
土耳其股市最近危机四伏。两周前，伊斯坦布尔证交所国家100指数(ISE National 100 index)甚至突破了2007年的峰值，创出纪录高点。自那以来，伊斯坦布尔股市便大起大落，但从5月22日起、至今17%的累计下跌可谓是一段时间以来最为剧烈的波动。这不能完全归咎于过去几天让伊斯坦布尔陷于瘫痪的抗议活动。更深层的问题在于，土耳其股市的估值已经背离了其manbetx20客户端下载 现实。
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