Turkish Stocks: Coca-Cola Icecek, Denizbank, Isbank Are Active

Turkey’s benchmark ISE National 100 Index fell 540.91, or 0.8 percent, to 68,770.29 at the 5:30 p.m. close in Istanbul, curbing this week’s gains to 4.2 percent.

The following stocks were active. Symbols are in parentheses.

Coca-Cola Icecek AS (CCOLA TI), the bottler and distributor of Coke drinks, dropped 85 kurus, or 4.2 percent, to 19.30 liras, the biggest loss in five weeks. Ozgorkey Holding AS, which has a five percent stake, applied to the exchange to sell 2.54 million shares, or a 1 percent stake, according to a filing from the bourse late yesterday.

Denizbank AS (DENIZ TI), the bank part-owned by Belgium’s Dexia SA, rose 20 kurus, or 1.7 percent, to 12.15 liras. Dexia has 12 investors interested in the life insurance unit of Denizbank, which is worth between 200 million euros and 300 million euros, French daily Les Echos reported, citing two unidentified people. It’s also seeking a distribution partner for non-life products for Denizbank’s insurer, the paper said.

Turkiye Is Bankasi AS (ISCTR TI), the country’s biggest listed bank by assets, declined 14 kurus, or 2.4 percent, to 5.68 liras, snapping four days of gains. The tax office demanded it pay 632 million liras ($407 million) in backtaxes and charges, and Isbank won an initial court case to overturn it, the bank said in a filing with the exchange after markets closed yesterday. The case is now at Turkey’s top administrative court, it said.

To contact the reporter on this story: Selcuk Gokoluk in Istanbul at sgokoluk@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net

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