Asia Unhedged | Banks’ surge makes Turkish stocks king of the hill today
Traders walk on the floor of the Borsa Istanbul in Istanbul, Turkey. Photo: Reuters, Murad Sezer
Traders walk on the floor of the Borsa Istanbul in Istanbul, Turkey. Photo: Reuters, Murad Sezer
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Banks’ surge makes Turkish stocks king of the hill today

Borsa Istanbul is the best performing stock market on Monday

April 10, 2017 8:20 PM (UTC+8)

Nathan Rothschild supposedly said that he got rich by getting out too soon. We certainly got out of Turkey too soon, after calling the Turkish market as an outperformer in mid-January. A surge in Turkish banks made the country the world’s best-performing stock market today.

  • The Borsa Istanbul 30 Index rose 2% for biggest gain among 96 equity benchmarks tracked by Bloomberg.
  • Isbank led the pack, up 4.9%, followed by Akbank (+4.2%), and Garanti (+4.2%).
  • Bank of America Merrill Lynch upgraded Akbank and Garanti bank to buy from neutral, and Vakifbank to neutral from underperform.
  • Cagdas Dogan, analyst at BGC Partners: A pending referendum continues to pose political risk, but in the short term markets are just waiting for the uncertainty from the referendum to be removed.

Source: Bloomberg

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