Page 41 - TURKRptMay20

$49mn of Akbank shares in March. Foreign investors also offloaded Pegasus Airlines ($40.4mn) and Turkish Airlines ($24.5mn) stocks. The two airlines have gradually suspended their all flights in the wake of the virus outbreak.
Data also indicated that foreigners avoided steel maker Eregli Demir Celik, selling $66mn of shares in the producer in March.
The most popular Turkey exchange-traded fund (ETF), the Nasdaq-listed and USD-denominated iShares MSCI Turkey ETF (TUR), saw outflows of $99.6mn in the first quarter, the highest figure recorded since Q1 2019, BloombergHT reported on April 1.
On January 21, it gained to its highest level since June 2018 at 29.42 but it fell by 29% to a historical low of 17.72 as of March 20. The ETF saw its historical high of 79 in 2010.
It gradually bounced into the 20s as of March 26 but it was in the 18s as of April 1.
Concerns driving renewed selling pressure on emerging markets assets are persisting.
Bloomberg published on March 30 a story entitled “Unknowns Await Emerging Markets After Biggest Moves Since 2008”.
It's too early to buy stocks, Hugh Gimber of JPMorgan concluded on March 31.
41​ TURKEY Country Report​ May 2020 ​ ​www.intellinews.com