Fund That Helped Make Turkey Stocks Among World Best Thins
- Earnings estimates for Turkish stocks jump 21% this year
- Government fund that boosted the market is almost used up
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A state fund that helped fuel one of the world’s best stock rallies this year has almost been depleted.
The Istanbul bourse has benefited from rising profit expectations after the government delved into the Credit Guarantee Fund, which backstops bank loans to non-financial companies, driving a revival in borrowing. Earnings forecasts for members of Turkey’s benchmark stock index increased 21 percent this year, five times the growth rate for South African and Russian stocks.