Turkish Stocks Soared the Most Globally in This Quarter

Source: Bloomberg

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.