Turkey’s banks in equity market rally
EBRD helps to plug funding gap
It’s a measure of the relative sophistication and global appeal of the Turkish equity market that it was the first in central and eastern Europe to spawn exchange traded funds, a trend that shows no sign of abating. In April the clear market leader in the ETF field in Turkey, Finans Asset Management, launched its latest product, the Finansbank ISE-30. Based on the Istanbul Stock Exchange’s (ISE) benchmark ISE National-30 index, the ETF is designed to give investors convenient, low-cost exposure to the core Turkish equity plays.
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| Ozgur Guneri: happy with performance |
Ozgur Guneri, executive vice-president at Finans Asset Management, says that the ETF is the first to be based on the National-30 index, which he says is "the index most widely recognized and used by the investment community". He adds that through the new ETF, investors can gain access to key Turkish companies that constitute about 75% of the ISE’s free-float market capitalization and 80% of trading volumes. Guneri says that the new fund has attracted a mix of investors from home and abroad.