In a month that saw global stocks roar back to almost all-time highs, Turkey stands out for its dismal performance as the combination of high interest rates and inflation erodes corporate profits.

The Borsa Istanbul 100 Index has tumbled 8.2% in August, making it the world’s worst-performing stock market. Foreign investors are also pulling out more cash, selling $2.9 billion in the three months through Aug. 16, according to data from the central bank.