The Turkish stock market became the most profitable in the world in 2022. The key market index since the beginning of the year has shown a return of more than 80% in US dollars. Investors are looking to keep their money in stocks amid rising inflation, which is comparable to the market growth rate: in October it reached 83%.
Turkey’s main stock index, Borsa Istanbul 100, which tracks shares of the top 100 companies on the Istanbul Stock Exchange, has returned more than 80% in US dollars and more than 150% in Turkish lira this year.
Such rapid growth was the best performance for the Turkish stock market in the last 23 years, Bloomberg notes. In November, the index peaked at 4,784 points. During trading on Tuesday, November 22, the index also rises.
The Turkish stock market rises while the main world markets – the US, Europe and Asia – fall. The S&P 500 is down almost 20% this year, the Nasdaq is down almost 30%, and the DAX and Shanghai Composite end the year with negative momentum.
Turkish investors are willing to keep their savings in shares amid rising inflation. By October 2022, its growth was comparable to the growth of the stock market: it reached 83%.
Author:
Kirill Bilyk
Source: RB
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