But there may still be value in export-driven firms, and this could increase as many Turkish companies resort to exports to pursue growth and bring foreign currency into the country, according to an investment manager.
"We do find value strategies, attractive names, especially in firms that are export driven, that have U.S. dollar revenues and quite resilient earnings dynamics, despite the lira weakness," Emmanuel Hauptmann, senior equity fund manager at RAM Active Investments, told CNBC on Wednesday. "So the dispersion we have currently and the massive sell-offs lead to a selective few value opportunities."
Turkey was a favorite of emerging market investors until recently, offering pro-business policies, a fast-growing youth population and an average of 7 percent economic growth per year under President Recep Erdogan's tenure. Foreign investment increased from hundreds of millions of dollars per year prior to Erdogan's rule to an average of $13 billion a year.
But today's situation is starkly different.