Turkish Bank Stocks Start 2019 With a Fighting Comeback Rally
- ‘Valuations as low as I can remember,’ says Investec’s Rimmer
- Bad loans, slowing economy are among ills facing Turkish banks
Customers use automated teller machines operated by Akbank TAS in Istanbul, Turkey.
Photographer: Ismail Ferdous/BloombergThis article is for subscribers only.
Turkey’s battered bank stocks are staging one of 2019’s early comeback stories, confounding the sector’s bears and forcing a retreat among short-sellers.
An explosive five-day rally in the Borsa Istanbul Banks Index is showing no sign of easing, with the gauge surging as much as 4.9 percent on Thursday, led by Akbank TAS and Turkiye Garanti Bankasi AS, the nation’s largest lenders.