Turkey's election looks likely to head into a runoff vote

Here in Istanbul, the majority of the votes have been counted, but no one candidate has managed to achieve the 50% of the vote required to claim victory in this race. That means it is likely that President Erdogan and his challenger, Kamal Kalic-Daloro, will go ahead with a runoff vote in two weeks' time. President Erdogan told his supporters in Ankara he can still win the nation's and extend his two-decade rule over the nation's politics. We have already surpassed our closest competitor by 2.6 million votes in the elections. I believe that this figure will rise much higher with the final results. We do not know yet whether the presidential election is over in the first round due to the 50 plus 1% vote limit of our electoral system.

If the decision of our nation shows that the elections have been completed, then there is no problem. Elections for the lawmakers of the Grand National Assembly of Turkey resulted in our people's alliance winning the majority. Meanwhile, Kalic-Daloro said the election shows that the nation wants change. He vowed to finally defeat Erdogan if the country goes back to the polls in two weeks' time. Despite all his smear campaigns and insults, Erdogan did not get the result he expected. Nobody should get excited about a fake accompli. Elections are not won on the balcony.

Election data still continues to come in. If our nation decides on a runoff, without pleasure, we will definitely win this election in the second round. Everyone will see it. So, a few other very interesting things happened in this election. The third party candidate Sinan Owen won over 5% of the vote. He has not said who his alliance is going to support in this runoff election if it does indeed take place. There was also a major controversy over the reporting of the numbers.

The opposition questioned the authenticity of the state-run Anadolu's results, which claimed an early lead for President Erdogan after rural areas were counted before the urban centers. We also saw significant market reaction as well. Turkey's lira weakened to two-month lows in the aftermath of this result. And we will of course get the local equity market reaction when trading begins at 8am local time.

Capital Connection, CNBC