Turkey stock market: Shares of two leading Turkish defence companies —  Sdt Uzay ve Savunma Teknolojileri AS and Altinay Savunma Teknolojileri AS — have lost over 10% in a month since an escalation in the India-Pakistan tensions. 

Following a terrorist attack in India’s Kashmir on April 22, which left 26 civilians dead, Indian military forces launched Operation Sindoor targeting terrorist camps in Pakistan and Pakistan-occupied Kashmir on May 7.

Turkey’s support of Pakistan

During the four-day conflict that ended on May 10, Pakistan reportedly used drones supplied by Turkey. “A forensic examination of the drone debris is currently underway. Preliminary reports indicate that the drones are Turkish-made Asisguard Songar models,” Col Sofiya Qureshi and Wg Cdr Vyomika Singh had said in a press briefing.

Meanwhile, media reports indicate that a Turkish Ada-class anti-submarine corvette docked at Karachi port on May 2, while a Turkish C-130 Hercules military transport aircraft—possibly delivering an arms shipment—landed at Karachi airport on April 27.

Turkey also publicly endorsed its support for Pakistan after India’s military operation against terrorist installations in Pakistan and Pakistan-occupied Kashmir.

Turkish President Tayyip Erdogan also spoke with Pakistan’s Prime Minister Shehbaz Sharif to convey his solidarity after India hit Pakistan and Pakistani Kashmir with missiles, the Turkish presidency confirmed.

Turkish defence stocks fall

Shares of Sdt Uzay ve Savunma Teknolojileri AS dropped 10% from 201.40 lira to 182.30 lira currently. Similarly, shares of