Economics
Turkey Stocks Rally Not Over on Lower Valuations, BofA Says
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Turkish shares, the world’s top performers in 2012, will keep rallying this year as investors are attracted by the nation’s new investment-grade rating and relatively low valuation, Bank of America Merrill Lynch said.
Turkiye Garanti Bankasi A.S., Turkey’s largest lender by market value, and Emlak Konut Gayrimenkul Yatirim Ortakligi AS, the country’s biggest real estate developer, are among BofA’s top Turkish picks for 2013, analysts including Ali Yavuz Birdal said in an e-mailed note today.