Overseas investors extended their buying spree of Turkish equities to the longest streak in a decade, a sign of confidence in the government’s promise to return to more orthodox policies.

Foreign investors bought a net $179 million of local stocks last week, an eighth straight week of inflows, according to the latest central bank data. That’s the longest run of net investments since 2013.

Purchases in that period total a net $1.8 billion, reversing 2023’s sales to inflows and contributing to a 61% rally in the benchmark Borsa Istanbul 100 Index since May elections. Turkey had seen five years of withdrawals before 2023.

Hopes for a policy pivot have emerged after President Recep Tayyip Erdogan appointed two former Wall Street bankers, Mehmet Simsek and Hafize Gaye Erkan, to run the country’s finances in an attempt to reassure investors. While Turkey’s new economy team has repeatedly emphasized a gradual approach, the sustained inflows suggest overseas investors are more optimistic after years of unconventional policies sent foreign ownership in Turkish stocks to record low levels.

Foreigners Pour Money Into Turkish Stocks on Hopes for U-Turn

Erdogan and other top officials also embarked on a tour of the Persian Gulf in July, seeking to attract investment. Turkey and the United Arab Emirates signed Memoranda of Understanding worth a total of $50.7 billion during Erdogan’s visit to Abu Dhabi.

Foreign ownership in Turkish stocks rose to near 30% this week, up from a record low of 27% at the start of June, according to Takasbank data.