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Turkish stocks traded as much as 2 percent higher and the lira hit a two-month high Monday after Prime Minister Tayyip Erdogan's party claimed victory in local elections.
Turkey's BIST 100 opened 1.95 percent higher adding to the 8.5 percent gains seen in the last week, before easing. As of 11:30 am London time, the BIST was trading over 0.5 percent higher after Erdogan's Justice and Development Party (AKP) took around 46 percent of the vote in the nationwide election.
The lira also firmed against the greenback, touching its strongest level since the end of January and yield's of the country's 10-year government bond edged lower to 10.48 percent.
The election result marks the first time voters have returned to the polls since mass protests seen last June and have been heralded as a marker of Erdogan's popularity. In the weeks leading up to Sunday's election, Erdogan banned social media platform Twitter and video sharing site YouTube which he claimed were efforts to unseat him ahead of the elections.
Head of emerging markets strategy at Societe Generale, Benoit Anne said the result is a "is a bullish outcome for TRY assets" adding that he expects "a pretty healthy rally for both the lira and local rates".
"Let's be clear, this is bullish outcome for the local market simply because investors are not keen on heightened political uncertainty and instability," said Anne.
In the last six months, the dollar has appreciated nearly 9 percent over the Turkish lira and 10-year government bond yields have crept above the 11 percent level.
Following the news that AKP had won the majority of votes, Erdogan thanked his reporters, but warned he would "enter the lair" of enemies who had accused him of corruption and leaked state secrets.
"They will pay for this," he said from his party's headquarters in Ankara.
TRY assets a buy?
Fadi Hakura, Turkey Analyst at Chatham House, warned foreign investors to be extremely cautious when considering the country, adding that Erdogan has interfered in the independence of several market regulatory authorities.
But for now investors are eyeing the region as a good opportunity to cash in on renewed good sentiment, at least in the near term.
"While this is a bullish signal in the near term, let's not forget that the political year is not over, with new elections -- this time presidential ones -- in August. But for now, buy TRY assets," said Anne.
Lead portfolio manager and head of Hermes emerging markets, Gary Greenberg and his team moved Turkey to an overweight position last month, with positions in propane gas distributor Aygaz, white goods company Arcelik and government-owned bank Halkbank.
"The combination of tapering and political unrest has hit the Turkish market hard, resulting in a 30 percent drop in dollar terms from the peak in May 2013. Turkey's currency has lost more than 25 percent since May 2013, when tapering was first mentioned. Six-month Turkish Libor has jumped from 5.1 percent to 9.4 percent over this period, and the economy duly slumped. Given these headwinds, the market has de-rated and is now looking cheap," said Greenberg.
"We continue to believe that civil society and its institutions are strong enough to withstand the strain, even if it involves a change in government. The listed business sector is strong and represents good value on a medium term view," he told CNBC.