Bates added that, in the short-term, the referendum result was positive for investors as it removed some uncertainty, but in the longer term it could be a concern. However, he said Turkish assets are "absolutely" worth investing into.
"From a corporate perspective, the institutions are very strong. For example, Koç Group, which is one of the largest conglomerate companies in Turkey, continues to produce excellent results across various sectors," he said.
"The financial sector still has very strong capital adequacy, low NPL ratios, so we're starting from a strong base in terms of corporate risk and corporate fundamentals. In terms of valuations, there is still some value."
However, Stephanie Lindeck, economist at Julius Baer, was much more critical about the impact of the referendum on the future of the economy.
"In the long run we doubt that the associated stability will be enough to calm investors' concerns over what is pretty much a totalitarian state. Furthermore, Turkey remains highly vulnerable to interest-rate hikes, a strong USD and the rise in oil prices. We therefore reiterate our out-right negative stance on bonds, equities and the lira going forward" she said in a press comment.
"With the 'Yes' in the constitutional referendum Turkey stepped back decades in time. The associated stability is a false friend, which will eventually turn away foreign investment and leave Turkey weaker than before."
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