Turkish stocks increased again as the lira’s decline caused local investors to seek ways to protect their savings and make equities cheap to ignore for foreign investors. BIST 100 up +2.45%
- The benchmark Borsa Instanbul 100 Index increased 32% in local currency terms this quarter. Meanwhile, it’s the worst performance, lower 12%.
- The measure improved nearly 2.7% on Wednesday, a day after the lira plunged another record low.
- Burak Isyar, head of equity research at ICBC Turkey Investment in Instanbul, stated that stocks remain as one of the few attractive asset classes for protecting savings for locals.
- The lira bounced back on Wednesday after Turkey’s central bank engaged to stabilize the lira.
- The currency has deteriorated 35% on a cumulative 400 basis points of rate cuts starting mid-September.