Turkish equities and country-specific exchange traded fund rebounded Tuesday as bargain hunters jumped on an oversold market.

The iShares MSCI Turkey ETF (NYSEArca: TUR) rose 3.1% Tuesday. TUR has declined 17.2% over the past month and fell 34.1% year-to-date.

The Borsa Instabul 100 index advanced 4.1% Tuesday, with the banking sector leading, after a 7.1% fall over the previous three trading sessions dragged the benchmark to its lowest level since March 2014, Bloomberg reports.

“The index is rallying on bargain-hunting buys and covering of short positions in banks and holding companies,” Isik Okte, a strategist at brokerage Teb Yatirim, told Bloomberg.

Financials account for the largest sector in TUR, making up 42.5% of the fund’s underlying portfolio.

On Monday, the Turkish benchmark traded at 7.93 price to 12-month estimated earnings, its weakest valuation in almost four years. TUR showed a 10.01 price-to-earnings and a 1.25 price-to-book. In contrast, the S&P 500 is trading at a 18.54 P/E and a 2.54 P/B.

Turkey’s equity market has been under pressure this year as the prospect of a Federal Reserve interest rate hike fueled capital outflows from emerging markets. Additionally, Turkish stocks recently sold off on heightened tensions in the Middle East, notably the downing of a Russian jet and strained relations with Moscow. [Recovering Turkey ETF Hit With Critical Blow]