Turkish stocks rally
Industrial production numbers show a country back on modest growth track
Turkish stocks rose in a broad rally with the BIST 30 Index up 1.3% at noon local time. Turkish industrial production came in yesterday at +2.8% year on year, above the 2.5% consensus estimate, and the best reading in a year.
Turkey was skirting recession as the currency slid in the wake of last summer’s coup attempt and the arrest of thousands of civil servants and academics as well as military officers and journalists. It appears that the economy is back on a modest growth track, and investors will focus on the cheap valuation of Turkish stocks, now trading at 9 times earnings.