Turkish Stocks Cheaper Than Assets First Time Since 2009: Chart

Increased political risks have pushed the market price of Turkish companies below the value of their assets. The Borsa Istanbul 100 Index of shares has fallen 9.3 percent in May and is now trading at 0.9 times estimated book value in the next 12 months, the lowest level since April 2009. Investor sentiment toward Turkish assets deteriorated in May following a showdown between its top leaders that ended with Prime Minister Ahmet Davutoglu saying he’ll step down.

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