The Turkey ETF Trend May Begin To Accelerate

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December 14, 2009 5:44pm NYSE:EWZ NYSE:RSX

turkey“Right now, iShares Turkey (TUR) is at a crossroads. A six-week slide had left the fund’s momentum weakened and it risked becoming an also-ran emerging


-market ETF. However, if TUR continues its recent recovery, the trend may accelerate, thanks to improving technical factors,” Don Dion Reports From The Street.

“TUR used to run with the leading emerging-market ETFs, such as iShares Brazil (EWZ) and Market Vectors Russia (RSX). Its long-term momentum was among the highest of all ETFs this summer, but it peaked on October 14 and has been losing long-term momentum since then. It bottomed on November 27, the day on which Dubai shook the markets, but then started a rapid rebound on November 30. The upswing was helped by Fitch’s December 3 upgrade of Turkey’s credit rating to one notch below investment grade,” Dion Reports.

“Last week, the Turkish Statistical Institute said third-quarter GDP fell 3.3% year on year, better than the expected 3.7% drop. However, it also revised upward the country’s Q2 GDP decline from 7% to 7.9% year over year. Though the Q2 number was adjusted down, the outlook has improved, and J.P. Morgan (JPM) (JPM) recently upgraded its recommendation on the country from neutral to overweight,” Dion Reports.

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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. It may invest the remainder of assets in securities not included in its Underlying index and in futures contracts, options on futures contracts, options and swaps related to its Underlying index as well as cash and cash equivalents. The fund is nondiversified.

TOP 10 HOLDINGS (TUR) ( 61.53% OF TOTAL ASSETS)  
 
Company Symbol % Assets
Akbank T.A.S. N/A 8.12
Anadolu Efes Brewery ve Malt Sanayi A.S. N/A 4.28
Haci Omer Sabanci Holding A.S. N/A 3.36
Tupras-Turkiye Petrol Rafineleri A.S. N/A 4.3
Turkcell Iletisim Hizmetleri AS N/A 9.46
Turkiye Garanti Bankasi N/A 14.43
Turkiye Halk Bankasi A.S. N/A 3.74
Turkiye Is Bankasi N/A 7.4
Turkiye Vakiflar Bankasi T.A.O. N/A 3.09
Yapi Ve Kredi Bankasi N/A 3.35

Chart for iShares MSCI Turkey Invest Mkt Index (TUR)

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