Turkish Stocks: Advansa, Akbank, Fenerbahce, Is Finansal Move
Turkey’s benchmark ISE National 100 Index fell for the third day, dropping 205.72, or 0.3 percent, to 67,668.96 at the 5:30 p.m. close of trading in Istanbul.
The following stocks were active. Symbols are in parentheses.
Advansa Sasa Polyester Sanayi AS (SASA TI), a Turkish producer of polyester fibers, yarns and plastic bottles, fell the most in more than 10 weeks after saying it got demand for 31.3 million liras ($19.8 million) in back taxes and fines. The shares dropped 4.2 percent to 1.15 liras after Advansa announced the fine to the exchange. The company said it would make no payment and would contest the fine, which amounts to around 9 percent of the company’s total revenue in 2009, according to Bloomberg data.
Fenerbahce Sportif Hizmetleri Sanayi ve Ticaret AS (FENER TI), the owner of licensing rights to the Fenerbahce sports club, surged 13.4 percent after Fenerbahce said it wanted to buy stock from minority shareholders to reorganize the company in line with European soccer league UEFA’s standards. The shares rose 7.75 liras to close at 66.75 liras.
Is Finansal Kiralama AS (ISFIN TI), a leasing company, rose to a record 1.49 liras after Haberturk reported that Turkey was cutting the sales tax on leased machinery and goods to 1 percent from between 8 and 18 percent. The shares closed up 10 kurus, or 7.2 percent, at 1.49 liras.
Turk Traktor ve Ziraat Makineleri AS (TTRAK TI), a maker of tractors and other farm equipment, gained 1.10 liras, or 4.3 percent, to 26.50 liras after Haberturk reported that tractor makers may get incentives from the Turkish government. The incentives include a plan to collect all tractors older than 25 years and subsidize the purchase of new ones, the newspaper reported.
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