Templeton's Mobius praises Turkish economy
Templeton Asset Management's Mark Mobius on Wednesday praised the recent performance of the Turkish economy, calling it free of political risks. Speaking at a meeting in Istanbul organized by Akbank, Mobius said that Turkey is moving towards more liberalization and fewer market restrictions. "Political tensions and troubled periods happen in all countries, but these don't necessarily prevent markets from rising," he told Reuters. "If you look at the range of valuations, you'll see Turkey is more or less in between the high and low range. … We are seeing a big improvement in earnings this year and next and that is really what the market is telling us with these higher prices." A somewhat overvalued Turkish lira and a big increase in emerging market initial public offerings (IPO) make it hard to predict how much longer the rally will last, he said. "But I think the flow of money is great enough to be able to overcome these issues," he said.