The Turkey ETF stood out among the emerging economies and was among the better performing areas of the market Monday as investors anticipate the developing market could rebound on softening tensions between Ankara and Washington D.C.
The iShares MSCI Turkey ETF (NasdaqGM: TUR) advanced 5.1% Monday.
Further supporting the Turkish markets, the lira currency was up 1.7% against the U.S. dollar to TRY5.8 after briefly touching a two-month high. The currency has depreciated over 35% in value this year.
Turkey’s lira advanced for the second day after the release and return of a detained U.S. pastor, Andrew Bruson, whom triggered the recent strain in relations between Washington D.C. and Ankara.