Bank Asya hits new fall on third day after suspension ends


Shares in Turkey's Bank Asya fell 10 percent to 0.72 Turkish liras (0.33 USD), to their lowest in five and a half years, at the stock market's opening on Wednesday amid uncertainty over its future. The stock price has dropped 43 percent this week, since the shares resumed trading on Monday. The profits and capital of Bank Asya –which is known to have close ties to the Gülen Movement– have been tumbling since December. Bank Asya's attempt to form a strategic partnership with Qatar Islamic Bank (QIB) earlier this year never materialized, while Turkish state-run Ziraat Bank abandoned its plan to acquire Bank Asya last month.The shares of the bank were suspended on Aug. 7 on the Istanbul exchange market due to ambiguities in the ownership of the bank. The ban was lifted on Monday, and trading of Bank Asya shares resumed, but pressure on the shares continue with uncertainty in the air.