Investors Start Picking Through Debris of Turkey Market Rout
- GAM looks to add Coca-Cola Icecek as weak lira boosts earnings
- Blackfriars goes overweight Turkey after failed coup
Lira Expected to be Regional Under Performer for EM
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A company selling soft drinks in war-ravaged Syria and Iraq, and a property developer with links to Turkey’s ruling party are among the equities attracting foreign money managers after a $27 billion stock market rout.
The U.K. unit of GAM Holding AG said it’s looking to buy more shares in drinks bottler Coca-Cola Icecek AS because the lira’s slump following a botched coup last week is good for profits as the company makes nearly half of sales abroad. Blackfriars Asset Management Ltd. turned overweight Turkish stocks in some funds this week, after spotting opportunities so cheap they are "no-brainers," according to money manager Anastasia Levashova.