Turkish stocks rise, lira hits fresh record low after Erdogan wins re-election

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Turkish investors rushed into stocks and dumped the lira after President Recep Tayyip Erdogan embarked on his third decade in the top position.

Turkish stocks climbed on Monday, while the lira hit a fresh record low after President Recep Tayyip Erdogan was re-elected and embarked on his third decade in the top position.

Turkey’s... Turkish stocks climbed on Monday, while the lira hit a fresh record low after President Recep Tayyip Erdogan was re-elected and embarked on his third decade in the top position. Turkey’s BIST index XU100 rose 4.2%. The index has gained 94% over 12 months in local currency terms, as investors in the country have turned to the stock market to shelter from soaring inflation amid a severe cost-of-living crisis.

The dollar USDTRY rose 0.26% to a new high of 20.07 lira, tapping a new high of 20.08 lira. The lira has lost 23% in the last 12 months,What’s next for Erdogan and Turkey? Wolfgano Piccoli, co-president, Political Risk Advisory with Teneo, said some policy-making adjustments could be seen ahead of March 2024 local elections. “Preserving a sense of economic stability through next spring will be a priority,” for Erdogan, he told clients in a note.

 

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