Foreign Cash Floods Borsa Istanbul in Record Rally: The Top Ten Stocks of January

Foreign investors staged a powerful comeback in Borsa Istanbul at the start of 2026, injecting nearly $2 billion in net inflows during January and driving the BIST 100 index up by 22.9%, its strongest January performance in almost three decades. According to official Borsa Istanbul data, this surge marked the most impressive opening-month rally since 1997, signaling renewed international confidence in Turkish equities.

Market data indicate that foreign investors executed approximately $49.95 billion in purchases and $47.96 billion in sales over the month. The imbalance between buying and selling resulted in a net inflow of roughly $2 billion, underscoring a decisive shift in foreign positioning after a volatile period in previous years. This strong re-entry has reshaped market momentum and brought renewed optimism to local and global investors alike.

The January rally did not unfold in isolation. Rising risk appetite, selective value opportunities, and improving expectations around financial stability contributed to the renewed interest. The sharp appreciation in the BIST 100 reflected broad-based gains, particularly in banking, industrial, and energy stocks, sectors that traditionally attract foreign institutional investors seeking liquidity and scale.

Banking and Blue Chips Lead Foreign Buying

Foreign investors showed a clear preference for large-cap, liquid names, with banking stocks dominating net purchases. Akbank emerged as the most purchased stock in January, recording $266.7 million in net foreign inflows. Close behind was Koç Holding, which attracted $217.7 million, highlighting strong demand for diversified conglomerates with global exposure.

Yapı ve Kredi Bankası followed with $201 million in net purchases, while Tüpraş, Turkey’s leading refinery, saw $199.6 million in foreign buying. Garanti BBVA rounded out the top five, drawing $158.3 million, reinforcing the banking sector’s central role in the rally.

Beyond the largest names, foreign investors also selectively accumulated shares in industrial, energy, and consumer-focused companies. Ereğli Demir ve Çelik recorded $78.2 million in net inflows, reflecting confidence in steel demand and export-driven revenues. ASTOR Energy attracted $69.4 million, while Turkcell raised $68.1 million, indicating continued interest in telecommunications and infrastructure investments.

Additional notable purchases included İş Bankası ($67.4 million) and Migros ($55.6 million), indicating that foreign investors were not solely focused on banks but were also allocating capital to consumer staples and retail segments.

Selective Exits Signal Portfolio Rebalancing

While January was defined by strong net inflows, foreign investors were not indiscriminate buyers. Several stocks experienced notable foreign selling, suggesting portfolio rebalancing rather than broad risk-off behavior.

SASA Polyester led the list of most sold shares, with $141.6 million in net foreign outflows. Pasifik Eurasia Logistics recorded $52.8 million in sales, followed by BİM Birleşik Mağazalar at $35.2 million, despite its defensive profile in the retail sector.

Other stocks seeing foreign exits included Gen İlaç at $20.6 million, Tera Yatırım at $13.6 million, and Türkiye Sigorta with $9.8 million. Smaller-scale selling was also observed in Kuyumcukent GYO, Kardemir, Politeknik Metal, and Ral Yatırım Holding, reflecting selective profit-taking and shifting risk preferences.

A Defining Start to 2026

The strong January performance has set a decisive tone for 2026 in Turkish equity markets. With foreign investors re-establishing positions and the BIST 100 delivering a historic opening-month return, market participants are closely watching whether this momentum can be sustained in the months ahead.

Analysts note that continued foreign interest will depend on macroeconomic signals, policy credibility, and global risk sentiment. However, the scale of January’s inflows and the breadth of the rally suggest that Borsa Istanbul has re-entered the radar of international investors searching for high-growth and value-driven opportunities.

As portfolios are reshaped and sector preferences become clearer, January’s data offers a crucial snapshot of where foreign capital sees potential — and where caution still prevails.