Shares of South Korea’s largest multiplex cinema chain CJ CGV flirted around a 52-week low as jitters about the Turkish economy hammered the stock on top of its poor earnings.

CJ CGV shares on Monday briefly sank to intraday 52-week low of 53,100 won ($46.87) and finished the day at 53,200 won, down 10.3 percent from the previous session.

On Tuesday, its shares rose 3.38 percent to close at 55,000 won.

The stock was shunned after the company released disappointing results for the second quarter on Thursday. Its consolidated operating profit of 270 million won for the April-June period was much lower than the market consensus of 11.9 billion won. The company blamed the saturated local market and challenges on the external front for the poor performance.

In particular, CJ CGV’s operating loss in Turkey, one of its major markets, totaled 3.3 billion won over the cited period due to the slowdown in sales in the country embroiled in economic and political turmoil. The Turkish lira took a new hit on Friday after the fragile economy grappling with fiscal crisis was slapped with doubled metal tariffs from the U.S.

Market analysts see the Turkish turmoil a big risk to CJ CGV, which acquired the country’s leading cinema operator Mars Entertainment Group in 2016 to make inroads into the country. Reflecting the gloomy outlook, Korea’s Samsung Securities in its recent report revised down CJ CGV’s stock price target 22 percent to 67,000 won.

By Park Joon-hyung and Lee Ha-yeon

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