Turkey ETF slides after country rocked by massive earthquake

A massive earthquake rocked southern Turkey and northern Syria on Monday, leaving thousands dead. The disaster caused Turkish stocks to slide amid the uncertainty.

The iShares MSCI Turkey ETF, which trades on the NASDAQ, was down 2.44% at Monday’s close, trading at $33.13 a share following the disaster. The exchange-traded fund holds several dozen Turkish equities. The broader Borsa Istanbul 100 Index also fell by 1.35% after Monday’s earthquake, which the U.S. Geological Survey estimated could cause over $1 billion in economic losses.

Countries around the world have rallied to the aid of the disaster-struck region, with numerous countries sending search-and-rescue teams.

Rescue workers and medical teams try to reach trapped residents in a collapsed building following an earthquake in Diyarbakir, southeastern Turkey. (IHA agency via AP / AP Images)

President Biden released a statement saying that he and first lady Jill Biden are “deeply saddened by the news of the devastating earthquakes that have thus far claimed thousands of lives in Turkiye and Syria,” Turkiye is the country’s preferred official name. 

Biden added that he has “directed my team to closely monitor the situation in coordination” with the Turkish government and “provide any and all needed assistance.”

MORE THAN 2,300 PEOPLE DEAD IN TURKEY, SYRIA AFTER 7.8-MAGNITUDE EARTHQUAKE

People and emergency teams rescue a person on a stretcher from a collapsed building in Adana, Turkey, on Monday. (IHA agency via AP / AP Images)

Israeli Prime Minister Benjamin Netanyahu announced that Israel is sending search and rescue crews, along with medical teams, to help in both Turkey and Syria after receiving requests for aid from both nations.

“This is what we do around the world and this is what we do in areas close to us,” Netanyahu said in a statement. “Since a request was also received to do this – for the many who were injured in the earthquake in Syria, I have instructed that this be done as well.”

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Britain, Finland, Japan, Sweden, Switzerland, and dozens more countries have also extended aid to Turkey and Syria following the disaster.

United Nations Secretary-General António Guterres said in a statement that the U.N. is “fully committed” to supporting the global response in both Turkey and Syria in “this hour of tragedy.”

Fox News’ Stephen Sorace contributed to this report.