Bullish Momentum on the Bosporus

Turkey Borsa 100 Index Rises >145% from a Bear Market Low

Turkish Delight?

The emerging signs of strength in China and Emerging Markets haven't gone unnoticed. As numerous global equity indexes push past momentum thresholds and industrial metals surge, it's evident that significant shifts are underway. Copper alone has surged over 40% since its lows in July 2022, while Turkey's flagship index has soared more than 145% since mid-2023 without experiencing a downturn exceeding -20% throughout this period.

Though this remarkable surge in Turkish stocks is measured in the local currency, historical data suggests that similar signals have often heralded strength for the Borsa Istanbul Index even when evaluated in U.S. dollar terms, as illustrated in the table below.