Foreign investors are closely following the movements in the Turkish Stock Exchange with the depreciation of the Turkish lira and the transition to more orthodox policies in the country, which has increased their interest in the iShares MSCI Turkey ETF traded in the USA. Last week, $25 million was inflows into this ETF as the Turkish lira depreciated after the below-expected rate hike.
As a matter of fact, although this 25 million inflow may seem like a small amount, it made up 14 percent of the total portfolio size of the fund as of June 21. As of June 21, the fund had a portfolio of $152 million in equities traded in Turkey and included in MSCI. However, the total size of the fund, including other Turkish assets, is at the level of 177 million dollars. Considering that the fund’s total assets are at the level of 340 million dollars in the last asset declaration made to the US securities regulator SEC, it is possible to say that the depreciation in TL has created a depreciation on the assets of the fund.
THYAO and BIMAS are in the first place in the portfolio of the fund, which follows the MSCI index. While 13 million dollars representing 7.15 percent of the fund’s 152 million dollars share investment is in Turkish Airlines shares, 10.6 million dollars representing 5.89 percent is in BİM shares.
It is thought that the role of both the new economy administration, which took the baby steps of returning to the orthodox economy, and the rapidly depreciating TL, played a large role in the $ 25 million that has recently entered the fund.
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