"Turkish stocks, the best in the world last year, are now the cheapest in 12 months as political protests and capital flight curb investor appetite for equities.
The Borsa Istanbul-100 Index (XU100), which had lost 22 percent into a bear market from a record on May 22, traded yesterday at 9.2 times the next year’s estimated earnings, near the lowest since July 2012. That compares with 9.9 times for the MSCI Emerging Markets Index and 14 for the Standard & Poor’s 500. While shares fall, profits are estimated to climb 5 percent in the next 12 months, compared with a 7 percent drop for the MSCI EM EMEA Index, according to data compiled by Bloomberg."
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