Tupras Turkiye Petrol Rafinerileri AS slumped to the lowest level in more than nine months after tax authorities started an investigation into Turkey’s sole oil refiner. Parent company Koc Holding AS and its units also fell.
Turkey’s anti-government protests are providing a boon to Katmerciler Arac Ustu Ekipman Sanayi & Ticaret AS, the producer of water cannon-armed trucks whose shares are beating Istanbul’s benchmark index.
Tofas fell the most in more than two weeks after a report that Turkey ruled out tax incentives for citizens to trade-in old vehicles, quashing optimism that the carmaker could benefit from a “cash for clunkers” program.
As he denounced extremist groups, opposition parties and international media for stoking the protests of the past few weeks, Turkish Prime Minister Recep Tayyip Erdogan spared some of his ire for local companies.
Emerging-market stocks dropped for a second day and currencies weakened as commodities declined and investors weighed prospects for an end to Federal Reserve stimulus. India’s benchmark index slid to a two-week low.