The recent sell-off in Turkish stocks has made them the cheapest they have been in years.
“As investors reassess their initial reaction to the news, Turkish stocks are headed for their biggest monthly slump since May 2016, 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,” according to Bloomberg.
Investors are not taking the bait. Year-to-date, TUR has seen outflows of nearly $70 million.
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