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.
土耳其股市最近危機四伏。兩週前，伊斯坦堡證交所國家100指數(ISE National 100 index)甚至突破了2007年的峯值，創出紀錄高點。自那以來，伊斯坦堡股市便大起大落，但從5月22日起、至今17%的累計下跌可謂是一段時間以來最爲劇烈的波動。這不能完全歸咎於過去幾天讓伊斯坦堡陷於癱瘓的抗議活動。更深層的問題在於，土耳其股市的估值已經背離了其經濟現實。
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