ISTANBUL: Turkish stocks closed out their best quarter since mid-2009 on Tuesday, propelled by optimism that the lifting of coronavirus-related lockdowns at home and abroad would boost the economy in the second half of the year.
Istanbul's main BIST 100 index rallied some 30% in the second quarter, better than a nearly 18% rise in the emerging markets benchmark MSCI index.
The gains came despite the Turkish economy's virtual standstill in April and May, and after the BIST 100 tumbled by more than 21% in the first quarter. Ankara eased most of its virus-related restrictions on June 1.
In the second quarter of 2009 the main Turkish index rose more than 43%.
However stocks could stumble if MSCI, the big index provider, delivers on a warning that Turkey - a major emerging market economy - could be reclassified to "frontier" or "standalone" status if access to equities worsens.
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