Back to top
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Image: Bigstock
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 63.1% 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 2.68% annually.
Why the Move?
The Borsa Istanbul 100 index hit a fresh record this week, rising 8% in September as investors continued to use equities as a hedge for surging prices and a falling lira. The central bank unexpectedly slashed its key rate by 100bps to 13% in its August meeting, adding to the 600 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 16.70. So, there is a decent outlook ahead for those who want to ride this surging ETF a shade further.