Page 42 - TURKRptMay20

There was no sustainable faith in the rally seen in US equities. Investors took advantage of the slight comeback by resetting hedges in the options market, rather than adding to longs, Mandy Xu of Credit Suisse said on March 31.
The current rebound in markets may continue for a while following a bout of extreme pessimism, but another rout is imminent, Jim Rogers of Rogers Holdings told Bloomberg on April 1.
If the 2008 financial crisis is any guide, world markets—which have barely had time to recover from the dollar's 9% surge in mid-March—may be set for another damaging bout of strength in the greenback, Reuters reported on March 31.
Under extraordinary conditions, physical gold prices were in a disconnect with market prices, Metal Miner reported on March 31.
Further fall in TUR forecast
On March 28, after the TUR closed the week on March 27 at 19.05, Inan Dogan said in an analysis for Insider Monkey that he expected the TUR to decline at least 10% by the end of April due to the spreading coronavirus (COVID-19) pandemic.
TUR’s net asset value fell to $198mn as of March 31 from $380mn as of February 10.
The Berlin-listed iShares MSCI Turkey ETF (ISVZ) was up 1.58% y/y to 25.05 on February 11 while the Mexico-listed MXN-denominated iShares MSCI Turkey ETF (TUR) was up 0.74% y/y to 546 as of January 16.
TUR, the only ETF that offers pure exposure to the Borsa Istanbul, replicates the MSCI Turkey IMI 25/50 Index, which covers around 99% of the free float-adjusted market capitalisation on the Istanbul stock exchange.
It has 48 constituents. The weight of BIM (BIMAS) jumped to 11.14% as of March 31 from 7.68% in February, making the hard discount chain the top stock in the fund, while bank Garanti BBVA’s (GARAN) weighting fell to 9.91% from 10.45%.
Akbank (AKBNK) took 8.41% (9.05% in February) and Koc Holding (KCHOL) a 5.26% weighting (5.47% in February).
The London-listed GBP-denominated HSBC MSCI Turkey UCITS ETF (HTRY) saw 26.6mn pound sterling ($32.2mn) of outflows in Q1, according to BloombergHT.
It was down 21% y/y to 138 on April 1 while the Xetra-listed EUR-denominated HSBC MSCI Turkey UCITS ETF (H4ZK) was down 23% y/y and the Paris-listed HSBC MSCI Turkey UCITS ETF (HTR) was down 23% y/y.
The HSBC MSCI Turkey UCITS ETF replicates the MSCI Turkey Index (MITR00000PTR). It was down 10% y/y as of March 31.
The weighting of BIM (BIMAS) in HSBC’s Turkey ETF jumped to 15.28% as of March 27 from 10.88% in February, making the hard discount chain the top stock in the fund, while Garanti BBVA’s weighting fell to 13.09% from 14.92%.
Akbank had 11.37% (13% in February) and Turkcell (TCELL) 9.9% (8.3% in February).
42​ TURKEY Country Report​ May 2020 ​ ​www.intellinews.com