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Turkey ETF (TUR) Hits New 52-Week High
For investors seeking momentum, iShares MSCI Turkey ETF (TUR - Free Report) is probably on radar. The fund just hit a 52-week high, and is up 100% from its 52-week low of $15.00 per share.
But are more gains in store for this ETF? Let’s take a quick look at the fund and the near-term outlook on it to get a better idea of where it might be headed:
TUR in Focus
The underlying MSCI Turkey IMI 25/50 Index is a free float-adjusted market capitalization index designed to measure broad-based equity market performance in Turkey. The Index consists of stocks traded primarily on the Istanbul Stock Exchange. The fund charges 57 bps in fees and yields 2.17% annually.
Why the Move?
The Borsa Istanbul 100 index hit a fresh record this week as investors continued to use equities as a hedge for surging prices and a falling lira. The central bank has been slashing rates massively, adding to the 850 bps reduction of the key rate since September 2021, per tradingeconomics. This has bolstered the equity market.
More Gains Ahead?
The fund has a positive weighted alpha of 53.90. So, there is a decent outlook ahead for those who want to ride this surging ETF a shade further.