Neuberger Says Turkish Stocks to Keep Discount, Even After Rally
(Bloomberg) -- Turkish stocks may have ascended to record highs this week, but they are unlikely to close a gaping discount to historical valuations because of a batch of local factors that temper investor enthusiasm, according to Neuberger Berman.
“When you look at a cheap market, you wonder if it will go back to its historical average,” Marco Spinar, an associate portfolio manager at Neuberger Berman, said in an interview. In Turkey’s case, the market could rally without ending the disparity, said Spinar, who helps oversee $8 billion in developing nation shares at the New York-based money manager, including Istanbul stocks.
The benchmark index climbed to an all-time high Wednesday, with investors drawn by an upbeat outlook from some local banks, reduced Iran-U.S. tensions and attractive ...