Investors Find Comfort in Turkish Equities

Populism may sustain stock prices on the Istanbul stock exchange, despite the 45% gain in US dollar terms since the beginning of the year. Our logic is tethered to the view that President Erdogan is looking for a decisive victory in the November 2019 election. That vote seems like a distant prospect. The campaign, however, … Continue reading Investors Find Comfort in Turkish Equities

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Pakistan Lures Bargain Hunters

Currency-depreciation rumors are playing out in Pakistan, with the rupee tumbling over 3.0% in mid-week trading. The realignment is provoked, at least fundamentally, by a deteriorating external account. But it is exacerbated by faltering confidence in the government. Prime Minister Sharif is under investigation for money-laundering allegations. There is good news behind the veil of … Continue reading Pakistan Lures Bargain Hunters

Hunt for Yield Jolts Sukuk Market

The financial services industry is bereft of sukuk-issuance news this year, reflecting sober demand for so-called Islamic bonds from institutions based in the Islamic world. Yet we expect to see greater enthusiasm for the asset class among local and regional investors. Consider the worldwide scramble for yield and the attendant focus on infrastructure investments. With … Continue reading Hunt for Yield Jolts Sukuk Market