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Short Sellers Are Ramping Up Bets Against Turkish Stocks

TURKEY
  • Short sellers are starting to build up positions in Turkish stocks as the war in Ukraine adds inflationary pressures and drives investors out of riskier markets
  • About 20% of the shares in the iShares MSCI Turkey exchange-traded fund (ticker TUR) have been borrowed and sold short, according to data from IHSMarkit. It’s the highest level since November, just before Turkey’s currency crisis took hold.
  • Investors have been bailing out of Turkish stocks in the wake of President Recep Tayyip Erdogan’s determination to lower interest rates, no matter the cost to the economy. Turkey’s inflation is already running at a 20-year high and soaring energy prices are expected to push the country deeper into a wage-price spiral.
  • The $250 million iShares ETF has lost about quarter of its value since the start of 2021.
  • Foreign investors have pulled out $835 million from Turkish equities this year. Their ownership on Turkish equities is hovering near a record low of 37.8%, according to Takasbank data. - bbg
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage

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