Turkish lira fluctuates against the dollar, main stock exchange index falls 4.7%

The Turkish lira hit a record low during the day, but recovered as Turkey experienced the largest disaster this century, with more than 1,000 people killed by two 7.6-magnitude earthquakes.

The Borsa Istanbul Stock Exchange suspended trading in some stocks, and the main index fell as much as 4.7%, with banks falling more than 5%, while shares of cement companies hit record highs.

Borsa Istanbul announced a temporary suspension of trading in shares of eight companies in the earthquake zone, and the Turkish government is also seeking to assess damage to infrastructure.

At least four Turkish airports were damaged and some parts of the local gas network were hit, disrupting supplies to Gaziantep, Hatay, and Kahramanmaras provinces.

Some hospitals and a port in Hatay also partially collapsed, according to authorities. Some highways were also damaged.