A massive earthquake struck Turkey and Syria on Monday, causing the Turkish stock market and an ETF benchmark that includes some of the country's major equities to decline.
and northern Syria on Monday, leaving thousands dead. The disaster caused Turkish stocks to slide amid the uncertainty.
The iShares MSCI Turkey ETF, which trades on the NASDAQ, was down 2.44% at Monday's close, trading at $33.13 a share following the disaster. Theholds several dozen Turkish equities. The broader Borsa Istanbul 100 Index also fell by 1.35% after Monday's earthquake, which the U.S. Geological Survey estimated could cause over $1 billion in economic losses.
Countries around the world have rallied to the aid of the disaster-struck region, with numerous countries sending search-and-rescue teams. Rescue workers and medical teams try to reach trapped residents in a collapsed building following an earthquake in Diyarbakir, southeastern Turkey. President Biden released a statement saying that he and first lady Jill Biden are "deeply saddened by the news of the devastating earthquakes that have thus far claimed thousands of lives in Turkiye and Syria," Turkiye is the country's preferred official name.
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