The Borsa Istanbul 100 index, which declined 16 percent last year, has never dropped two years in a row. Since 2000, the index rebounded an average 57 percent after a negative year. It remains on trend in 2016, rising 5.7 percent through Feb. 29. "It is hard to rationalize this cycle, but there is a clear historical trend," says Akin Tuzun, an equities analyst at Russia’s VTB Capital. "It bodes well for our overweight stance in Turkish stocks this year."

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