Turkish Stocks at Cheapest in Nine Years Still Find Few Buyers - Bloomberg

Turkish Stocks at Cheapest in Nine Years Still Find Few Buyers - Bloomberg:

"Turkish stocks haven’t been this cheap in almost a decade, but that doesn’t mean they’re a slam dunk.

Just two weeks after markets celebrated President Recep Tayyip Erdogan’s call for snap elections, a move that condensed a period of political uncertainty from 19 months to two, investors are beginning to reconsider the premise of that rally. The economy’s still overheating, and analysts are starting to doubt an easy victory for the incumbent.

As investors reassess their initial reaction to the news, Turkish stocks are headed for their biggest monthly slump since September, pushing the price-to-estimated earnings ratio of the benchmark Borsa Istanbul 100 Index to 7.2. The gauge was already one of the cheapest among emerging markets and now trades at the lowest multiple since 2009. The lira traded little changed even after the central bank raised rates by 75 basis points last week."



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