EM countries have suffered a lot from the pandemic. As the relief packages are announcing across the world and central banks providing money, some EM countries have seen a rise in stock markets. At this point, we should take into consideration currency losses. When we look at the Turkish stock exchange based on USDTRY chart, it is clear that it has still not surpassed the downward trend, however, it is a breakthrough period. I expect that BIST100 will touch the downward trend by Feb'21, despite some corrections on the way.