Istanbul's carpet sellers are already in despair over the collapse of tourist custom after the city's wave of suicide bombings. But bigger market players say the impact on the wider Turkish economy depends on one question:
Will it happen again? "I don't think the fundamentals have changed and that's what the market believes as well," said Yarkin Cebeci, economist at JP Morgan in Istanbul, noting that the lira and debt markets had held their nerves on Friday after the second wave of bombings.
"The critical thing is if bombs continue in future." A religious holiday marking the end of Ramadan means the stock market will remain closed for the this week and lira and debt traded only yesterday.
"It's very fortunate for markets that we have a long holiday. After people come back I think people will be more forgetful and the impact will be temporary," Mr Cebeci said.
But he added: "If there are more similar activities the negative impact will increase exponentially."
Groups apparently linked to Osama bin Laden's al Qaeda network have claimed responsibility for synagogue attacks on November 15 that killed 25 people and Thursday's bombings against British targets, which killed 30.
Worries are high that another attack could come at any time. It is low season for tourists in Turkey but the New Year period is normally profitable for Ilhan Yuksel, a carpet seller in Istanbul's main tourist area around the Blue Mosque.
"I would be happy if 20 per cent of the expected tourists come next month," said Mr Yuksel.
"Things were just getting better and then four bombs back to back. It's going to ruin us. Most people just think of Muslims when they think of Turkey. Now they think we're barbarians."
Helped by IMF loans and sweeping reforms, Turkey's economy has picked up since a 2001 crisis. Year-end targets for inflation (20 per cent CPI) and growth (five per cent GNP) are expected to be met and the lira has stabilised.
Turkey is aiming for $8.7 billion of tourism revenues this year, despite a bad first half because of the war in neighbouring Iraq. Many thousands of people work in the sector.
"The official figure is something like 4.5 per cent of GDP but the sector is very important for the grey economy so the impact is much more than that," Mr Cebeci said.
Sevdil Yildirim, executive vice president of Yapi Kredi Securities in Istanbul, said the attacks could deter foreigners from investing in the Turkish tourism industry.
In other sectors too Turkey, which is recovering from the deep financial crisis in 2001 with the help of a $16 billion International Monetary Fund loan package, is in serious need of foreign direct investment (FDI).
The government is planning major privatisations in telecoms, energy, banking and the state alcohol and cigarette maker.
"They're all FDI type of privatisations rather than public offerings so the long-term commitment of foreign capital will be critical," Mr Yildirim said.
One of the targets of the recent bombings was London-based banking giant HSBC which became one of the most prominent foreign investors in Turkey in 2001 when it bought what was then Turkey's fifth largest private bank, Demirbank, in for $350 million.
At best, Turkey may raise less money from privatisation than it had hoped before the bombings, analysts say, and even that assumes somebody will want to buy.
Demand will depend on the level on confidence in long-term economic stability, which in turn depends on progress in economic reforms and in Turkey's bid to join the European Union.
EU leaders are due to decide in December 2004 whether Turkey has implemented enough reforms to begin accession talks.