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| Version 0 | Version 1 |
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| Turkish stocks and currency slump | Turkish stocks and currency slump |
| (30 minutes later) | |
| Turkey's main stock index and its currency, the lira, have tumbled amid fears that the army will block the government's pick for president. | Turkey's main stock index and its currency, the lira, have tumbled amid fears that the army will block the government's pick for president. |
| The main ISE National 100 index lost 8% at the open, while the lira dropped as much as 4% in early trading. | The main ISE National 100 index lost 8% at the open, while the lira dropped as much as 4% in early trading. |
| Hundreds of thousands of people rallied in Istanbul over the weekend to protest against the candidacy of Abdullah Gul. | Hundreds of thousands of people rallied in Istanbul over the weekend to protest against the candidacy of Abdullah Gul. |
| Protesters in support of secularism in Turkey are concerned that Mr Gul has remained loyal to his Islamic roots. | Protesters in support of secularism in Turkey are concerned that Mr Gul has remained loyal to his Islamic roots. |
| Mr Gul failed to win election in a first round parliamentary vote, though has said he will stand in the second round of voting on 2 May. | Mr Gul failed to win election in a first round parliamentary vote, though has said he will stand in the second round of voting on 2 May. |
| On Friday, the army accused the government of tolerating radical Islam and vowed to defend secularism. | On Friday, the army accused the government of tolerating radical Islam and vowed to defend secularism. |
| Higher risk | |
| Turkey's army has toppled three governments since 1960, and analysts said there were fears that it could intervene again. | |
| The threat of army intervention in Turkey's politics has unnerved the country's financial markets, which last week had reached historic highs supported by an appetite for emerging market assets. | |
| The ISE National 100 share index fell 3745.18 points, or 8%, to 43,116.13 and the lira also headed south to 1.3882 against the US dollar after trading at 1.32 on Friday - its strongest level for nearly a year. | |
| "We would expect a sharp downward market correction... as investors recognise that political risks have notched up significantly," said Bear Stearns economist Timothy Ash. |