Turkish Elections Push Market to Highs; Where’s the ETF?
July 23rd at 3:35pm by Tom Lydon
While we wait for Barclays to introduce a Turkey exchange traded fund (ETF), we mentioned last Thursday that the Turkish Investment Fund (TKF) increased, partly because of the elections.
Well, the elections were yesterday and the Turkish stock market rose to record levels as the Justices and Development Party (AKP) lead by Recep Tayyip Erdogan won about 46.4% of the popular vote. The AKP party now has 340 seats in the 550-seat parliament, according to Carl Delfeld of ETF XRAY. The AKP party is seen as pro-business and pro-privatization. The chart below shows TKF’s climb in accordance with the historic event.
