Turkey ETF Slammed on Heavy Volume After Attempted Coup

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July 18, 2016 3:22pm NYSE:TUR

turkeyThe Ishares Msci Turkey Inv Market Index Fund (NYSE:TUR) plunged Monday afternoon, following the attempted military coup in Turkey over the weekend.

TUR fell $2.63 (-6.32%) to $38.97 on heavy trading volume, as news continued to trickle out about the failed military takeover of the country. TUR’s volume today falls into the “historic” level — most people pay little attention to this country-specific ETF, but with a little less than an hour left in the trading day, TUR had traded over six times its normal volume. As of 3:20pm, TUR had traded 2.33 million shares, while the average daily volume is just 387,000 shares.

For an ETF that sometimes trades with zero volume for an entire day to put it this kind of volume is indicative on just how much Main Street attention the situation in Turkey is receiving.

If this pace continues, TUR will break its all-time record volume day of June 19, 2013, when over 2.49 million shares changed hands.

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