Eoin Treacy's view

Here is a link to the full report. 


This month the Turkish market is worth highlighting. The country has experienced some quite considerable currency weakness and hit a new low against the US Dollar today. It has been steadier against the Euro but that is more a factor of Euro weakness than any particular strength for the Lira. Turkey’s proximity to Iraq and Syria, both geopolitical flashpoints, may also be contributing to the pressure the currency is under.

The stock market (P/E 9.52, DY 1.8%) is not expensive on a relative basis but investors will need to see some evidence of the currency stabilising before sounding the all clear. The National 100 Index encountered resistance in the region of the 2013 peak last week and a process of mean reversion is underway. It will need to find support in the region of 80,000 if medium-term scope for continued higher to lateral ranging is to be given the benefit of the doubt. 

Please note: All data quoted above originates in Bloomberg. We realise that some of the data displayed is inaccurate for some indices, particularly where ADRs are included. However, I have endeavoured to remove the most problematic indices. We publish these tables because the data is generally accurate and going forward we will continue to weed-out the less reliable data sets as subscribers highlight them for us. The P/Es quoted by Bloomberg are exclusively based on operating earnings.)