Along with the transactions in April, the amount of net purchasse by foreign investors has surged to $1.1 billion. According to data collected from the Borsa Istanbul Stock Exchange's database, foreign investors made net purchases of $536 million last month. Making net purchases for the past three months in a row, foreign investment reached $1.1 billion during the first 10 months of the year.
Despite the Gülenist Terror Group's (FETÖ) coup attempt on July 15 and international credit rating agency Moody's downgrade of Turkey's credit rating in September, foreign investors have continued their investments in Borsa Istanbul, making net purchases in seven months and net sales in three months this year.
While the BIST 100 index gained 2.7 percent on a lira basis in October due to the impact of foreign investor purchases, the dollar was down by 0.4 percent in the dollar-lira parity. Despite foreign investors' net purchase of $753 million in the last three months, the BIST 100 index has maintained a horizontal level of around 25,000 points, a level described by analysts as dollar-based support.
According to analysts, prior to Moody's decision, as a result of the Fed's slow increase in interest rates and skipping over September, foreign investors that are increasingly interested in the stock exchange in conjunction with emerging economies continued their interest despite the dollar's upsurge.
Analysts stressed that foreign investors' perception will change following Republican Donald Trump's surprise victory in the presidential elections, playing a very important role with regards to the course of the coming months.
Analysts stated that along with the change in expectations related to the Fed's possible interest rate hike in December, volatility in the market has increased; however, the foreign investor interest in Borsa Istanbul, which is relatively cheap, is likely to continue.
Foreign investors' purchases in October were heavily concentrated in bank stocks, as in the previous two months. Accordingly, foreign investors preferred Garanti Bank's shares most in October with a net purchase of $109.3 million followed by Turkish Airlines (THY) with $94.2 million, Tüpraş with $86.9 million, İş Bank with $64.2 million and Akbank with $54.5 million.
Regarding net sales, on the other hand, foreign investors preferred Ereğli Iron and Steel's shares most in October with $35.9 million, followed by Ülker Biskuvi with $16.4 million, Koç Holding with $14.5 million, Vakıfbank with $12.1 million and Turkcell with $9.2 million.
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