Investors Are Playing The Turkish Economic Rebound With The Turkey ETF

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March 19, 2010 12:12pm NYSE:TUR

“Turkey is offering what could be an appetizing investment opportunity through the iShares MSCI Turkey Investable Market Index (NYSEArca: TUR). That exchange traded fund (ETF) gives


 investors exposure to a promising emerging market. This ETF zoomed a jaw-dropping 98% in 2009 when the Turkish stock market was one of the world’s top performers. An interest rate cut to record lows by Turkey’s Central Bank last year probably fueled the gains. Unfortunately, the fund [has risen about 2% through March 17th],” Doug Fabian Reports Fro The Money Show.

Fabian goes on to say, “TUR is a pure play on the Turkish stock market. With a population of 72 million people, Turkey is on the strategically important border between Europe and Asia. While it once was an economic basket case, Turkey has been rebounding during the last decade by reining in inflation. Turkey’s reward is that its economy grew [by] an average of nearly 6% between 2002 and 2008. Unfortunately, the credit crunch in 2008 and 2009 hit the Turkish economy hard and caused it to shrink 13.8% in the first quarter of 2009 and by 5.8% for the full year. However, Turkey’s fiscal and monetary stimulus programs, combined with a healthy banking sector, helped cushion the blow.”

“Unlike other emerging markets in Europe, Turkey survived the financial downturn without relying on an emergency bailout package from external lenders. The country now is expected to grow 3.5% to 4% this year. A further encouraging sign arose February 19th, when Standard & Poor’s raised its long-term foreign currency and local currency sovereign credit ratings to BB and BB+. Although such ratings are still below investment grade, this action should have been positive for the Turkish stock market,” Fabian Reports.

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Here are some details on the iShares MSCI Turkey Investable Market ETF (TUR):

The investment (TUR) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the MSCI Turkey Investable Market index. The fund generally invests at least 90% of assets in securities of the Underlying index and in ADRs based on securities of the Underlying index. The Underlying Index is a free float-adjusted market capitalization index designed to measure broad-based equity market performance in Turkey. It is nondiversified.

TOP 10 HOLDINGS ( 56.49% OF TOTAL ASSETS)  
 
Company Symbol % Assets
  (GARAN) 14.17
  (TCELL) 8.25
  (AKBNK) 6.93
  (ISCTR) 5.46
  (TUPRS) 4.15
  (AEFES) 3.74
  (SAHOL) 3.64
  (HALKB) 3.61
  (YKBNK) 3.42
  (VAKBN) 3.12

Chart for iShares MSCI Turkey Invest Mkt Index (TUR)


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