Foreigners sell $444 million of Turkish shares after buying spree

Foreign investors sold a net $444.1 million of Turkish shares In January after a swathe of buying in the previous two months.

The sales followed purchases totalling more than $1.6 billion in November and December, Dünya newspaper reported on Monday, citing data published by Borsa Istanbul.

Shares of gold mining company Koza Altın saw the most sales, followed by iron and steelmaker Erdemir and supermarket chain Migros. Purchases were focused on petrochemicals company Petkim and industrial firm Tekfen Holding.

Foreign investors have returned to Turkey’s financial market after President Recep Tayyip Erdoğan sacked and replaced the governor of the central bank in early November and appointed a new treasury and finance minister. The central bank has since hiked its benchmark interest rate to 17 percent from 10.25 percent, helping to reverse losses for the lira.