Economy in Turkey: Longest series of foreign purchases on Istanbul Stock Market in last 10 years

With the inauguration of the new economic administration, the longest series of stock purchases by foreigners in Turkey in the last decade took place. Foreign investors have carried out the longest streak of buying Turkish stocks in a decade, as confidence grows in the government’s promise to return to orthodox economic policies.

According to the latest Central Bank data, foreign investors bought a net $ 179 million of local stocks last week, logging in for the eighth time in a row. This marked the longest net investment streak since 2013.

Thus, while foreigners have been in a net buyer position for the whole of the last 8 weeks, they have received a total of 1 billion 788 million dollar shares. Since the beginning of the year, the total inflow has been $ 188 million on the net.

According to Takasbank data, foreign ownership in Turkish stocks increased to 30 percent this week from a record low of 27 percent at the beginning of June.

‘FOREIGN INVESTOR IS OPTIMISTIC’

The US financial agency Bloomberg has also written about foreign interest in Borsa Istanbul. New hopes have emerged after the appointment of two former Wall Street bankers, Mehmet Simsek and Hafize Gaye Erkan, to the economic management department, the news said.

It also said following: “Although Turkey’s new economic team has repeatedly emphasized a gradual approach, the continuous inflows that have taken place indicate that overseas investors are more optimistic after years of foreign outflows.”

The news also recalled the Gulf trip Erdogan and other senior officials made last month to attract investment, and it was also stated that a Memorandum of Understanding worth a total of $ 50.7 billion was signed between Turkey and the United Arab Emirates. (SÖZCÜ)