Shares in Turkey's Tekfen extend losses, down 6.8%

Shares in Turkey's Tekfen Holding (IS:TEKHF) extended their decline on Monday, falling 6.8% to 11.25 lira, according to data from the Istanbul Stock Exchange. The drop follows a broader sell-off in the Turkish equity market amid renewed investor concerns over inflationary pressures and the pace of monetary tightening by the Central Bank of the Republic of Turkey. Tekfen, a major conglomerate with interests in construction, energy, and real estate, has seen its stock under pressure in recent weeks due to sector-specific challenges and macroeconomic uncertainty. Analysts noted that the company's exposure to interest-sensitive industries makes it particularly vulnerable to shifts in monetary policy. The decline in Tekfen's shares comes after the company reported mixed quarterly results, with revenue growth outpacing profit expansion. Market participants are closely watching the company's upcoming earnings report for further clarity on its operational performance and strategic direction.