Halkbank, a Turkish state-run bank, and steelmaker Erdemir are among nine stocks recommended by HSBC Holdings on expectations Turkey will be lifted to investment grade by credit rating agencies.
The stocks, which included lender İşbank, were also selected based on their dividend potential, growing exposure to emerging markets and relative value compared with the Istanbul Stock Exchange’s main ISE-100 index, HSBC said in an e-mailed report Wednesday.
“Within the next three years, the investment grade case could be one of the major factors to shape equity expectations and stock picks,” HSBC said.
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