Turkish Stocks Rise to Fresh Record as Another Rate Cut Looms

(Bloomberg) — Turkey’s benchmark equities gauge rose to another record Thursday on the prospect that the country’s monetary policy makers will deliver another rate cut.

The resumed gains after a brief pause on Wednesday, adding as much as 1.1% to 122,318.87 points. Turkish stocks have been on a roll as compelling valuations have lured investors at a time of renewed risk appetite across the globe.

The latest support for stocks comes ahead of the Turkish central bank’s rates meeting, with economists estimating a 75 basis-point reduction in benchmark rates. That would add to 1200 basis points of cuts since July. Last year’s retreat in rates dulled the attractiveness of deposit rates, compounding the impact of risk-on sentiment and fueling gains in equity market.

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