Neuberger says Turkish stocks to keep discount, even after rally

ISTANBUL: Turkish stocks may have ascended to record highs this week, but they are unlikely to close a gaping discount to historical valuations because of a batch of local factors that temper investor enthusiasm, according to Neuberger Berman.

“When you look at a cheap market, you wonder if it will go back to its historical average,” Marco Spinar, an associate portfolio manager at Neuberger Berman, said in an interview.