Turkish Stocks: Erdemir, Tofas, Turkish Airlines Are Active
Turkey’s benchmark ISE National 100 index rose 851.94, or 1.3 percent, to 67,712.13 at the 5:30 p.m. close in Istanbul, a two-week high.
The following were among the most active stocks in the Turkish market. Symbols are in parentheses.
Eregli Demir ve Celik Fabrikalari TAS (EREGL TI), the country’s biggest steelmaker, added 18 kurus, or 3.5 percent, to 5.32 liras, its steepest gain in a month. HSBC Holdings Plc maintained its “overweight” rating on the stock with a target price of 7 liras, saying the company would benefit from increasing profitability next year.
Tofas Turk Otomobil Fabrikasi AS (TOASO TI), the Turkish joint venture of Fiat SpA with Koc Holding AS, fell 14 kurus, or 1.7 percent, to 8.34 liras. Chief Executive Officer Ali Pandir told CNBC-e television today he expected total motor vehicle sales in Turkey next year to be around 720,000 units, down from between 730,000 and 750,000 units this year. Tofas will invest around 100 million euros ($132.9 million) in 2011 to increase capacity and plans to reach 400,000-unit full capacity in 2012, he said.
Turk Hava Yollari AO (THYAO TI), the national carrier known as Turkish Airlines, fell 8 kurus, or 1.5 percent, to 5.32 liras, the lowest in a month. Turkey’s asset sales agency said Dec. 3 that it would choose an adviser for a possible sale of its 49.1 percent stake in the airline.
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