(Bloomberg) -- Foreign investors have sold their Turkish holdings in an exchange-traded fund at the fastest pace in more than a year in a sign that their enthusiasm over the government’s package of market-supporting measures post-earthquakes is waning.

The New York-traded iShares MSCI Turkey ETF, the second largest exchange-traded fund focused on Turkish equities, has seen the biggest weekly outflows since Dec. 2021. Investors sold $26.1 million worth of the ETF in the past week, data compiled by Bloomberg showed.

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The outflows from the TUR US — which tracks the performance of MSCI Turkey IMI 25/50 Index and $314 million in market capitalization — show that overseas investors rushed to cash in the gains they have made in the previous week in the aftermath of rally set off by Turkish authorities’ efforts to buoy the equity market. The outflows contrast with the performance of local ETFs, such as Ziraat Portfoy’s BIST 30 Index fund, which has attracted 8.1 billion liras ($430 million) in inflows since Feb. 15.

Foreign investors have sold a net $4.1 billion in Turkish equities last year even as the benchmark BIST 100 Index more than doubled in US dollar terms. 

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