“Banks were trading close to or in some instances below the multiples they traded during the global crisis in 2009,” Aykut Ahlatcioglu, an analyst at Oyak Menkul Degerler, told Bloomberg. “It’s normal that we see decent reactionary buying off of these cheap multiples once the heavy global selloff slowed down.”

Technical analysts may have also Turkish markets signaled a potential buying opportunity after Borsa 100’s 14-day relative strength index dipped to 26 Monday, the lowest since August – a reading under 30 suggests a security is oversold and may rebound. After Tuesday’s bounce, TUR currently shows a 14-day RSI of 34.5.

iShares MSCI Turkey ETF

For more information on Turkey, visit our Turkey category.

Max Chen contributed to this article.

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