- The Borsa Istanbul (TUR -0.3%) promptly slides 1% (and out of bull market territory) just as JPMorgan upgrades Turkish stocks to Overweight. JPMorgan's call doesn't say much for emerging markets' ability to control their own destiny: "[No taper] doesn’t change the negatives of the too-large current account deficit, and the Central Bank of Turkey’s uncertain monetary policy, but it certainly makes them a lot less important."
- In other emerging market action, Thai shares (another JPMorgan favorite) plunge 3.4%, the largest one-day decline in more than three months. The SET is now below 1,500. ETFs - THD, TF, TTF
- Elsewhere: Philippine shares (EPHE) rally +0.8%, stocks in Singapore (EWS, EWSS) fall -0.7%, and other Southeast Asian markets are fractionally lower.
Thai shares plunge, Turkish equities slip
Sep 23 2013, 10:29 ET