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Profiting from Turkey rebound
It was one of Saxo Bank’s "best trade ideas for a long time", according to Peter Garny. A few weeks ago he suggested looking at Turkish stocks as they were down 40 percent over a three month period. He argued that "when you have such a sharp decline you are bound to see a bounce back."
And they certainly bounced back, in fact, they were up 21.5 percent over a three week period.
But now, Peter would suggest investors hold off, at least over the weekend, as he does think the sharp rise is an "overreaction", and also adds that it's safer to gauge how the stock will react to news out of the US this weekend.
He says the country doesn’t deserve
the “cheap valuation” that has right now.
Elsewhere within the emerging markets, Mexican stocks appeal to Peter because of Mexico's proximity with the US. He says: “Mexican stocks will be something that I will look into as a nice trade.”
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01:27 minutes
Tags: china, emerging markets, fed, istambul stock markets, lira, mexican stock, mexico, monetary policy, peter garnry, saxo bank, saxo tv, tapering, trading, tradingfloor.com, turkey, turkey economy, turkey gdp, turkey stocks, us economy