Turkey’s benchmark stock index has been outperforming its peers as emerging markets are the focus among global investors. The Vienna stock exchange launched its first euro denominated Turkish stock index to boost international invests.
Trading in euro futures on the Istanbul Traded Index (IBTX in EUR) started on 18th of February 2013 on the Vienna Stock Exchange. The joint index of the stock exchanges of Istanbul and Wien has been calculated since September of last year and enjoys wide international recognition.
The underlying’s of the IBTX are the prices of the twenty most actively trading shares listed on the Istanbul Stock Exchange, one of the world’s fastest growing markets. “With our new product, we have responded to the enormous interest in the Turkish capital market and also offer investors an opportunity to invest in a booming market,” explained Michael Buhl, Member of the Management Board of Wiener Börse AG and of the CEE Stock Exchange Group.
The IBTX was trading at 1,028.53 (EUR).
Turkey’s stock market hit record highs in December 2012 as investors were bullish on the central bank’s decision to ease monetary policy to stimulate economic growth. The countries benchmark Istanbul Stock Exchange 100 index climbed to an all-time high of 76,131.88 points, 2012 was promising for the index as it witnessed an increase of 48%.
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Fatih Sozer an Independent trader in Istanbul says; “one of the most rising indices in 2012. Istanbul is the biggest city of Turkey and also economic center of the country. In the near future Istanbul will be the financial center of Turkey and Middle East. Stability of the Turkish economy has a clear reflection on Istanbul Index. Turkish capital market offer investors taking advantage of strong economy and protective regulations.” In 2012 the Turkish index outperformed its peers as measured by the MSCI Emerging Market Index by 11%.
Austrian stocks have suffered declining trade volumes due to the introduction of capital gains tax on Austrian stocks and Austrian Depositary Certificates, turnover at the Wiener Börse AG fell by 18% in 2011. The bourses daily trade in equities is around Eur 85 million.
The Turkish benchmark index the Istanbul Stock Exchange National 100 Index XU100:IND is trading at 78,274.88 (TRY).
It’s common for indices to be dual listed, the Indian index; Nifty Fifty was listed in Singapore and India.
Nuket Dogruel of Modern Finans, a Turkish financial services firm, believes the move shows how important Turkey is becoming for the world economy, a member of the G-20 & OECD, she adds “major Turkish conglomerates, the lira and now the stock index are getting international recognition, its about time!”