Turkish Stocks: Akbank, Is Finansal, Yapi Leasing Are Active
Stock Chart for Yapi Kredi Finansal Kiralama AO (YKFIN)
Turkey’s benchmark ISE National 100 Index rose 459.57, or 0.7 percent, to 68,334.25 at 3:45 p.m. in Istanbul.
The following stocks were active. Symbols are in parentheses.
Akbank TAS (AKBNK TI), the Turkish bank in which Citigroup Inc. owns a 20 percent stake, rose 10 kurus, or 1.2 percent, to 8.44 liras. Chief Executive Officer Ziya Akkurt said he expected to increase lending 25 percent in 2011, above his estimate for credit growth in the overall Turkish banking sector of 23 percent. At a dinner with reporters last night, Akkurt also said the bank would announce two or three big projects with Citigroup within the next five months, without providing details of what they would be.
Is Finansal Kiralama AS (ISFIN TI), a leasing company, rose 11 kurus, or 7.9 percent, to 1.50 liras, which would be a record high, after Haberturk reported that Turkey was cutting the sales tax on leased machinery and goods to 1 percent from between 8 and 18 percent. Yapi Kredi Finansal Kiralama AO (YKFIN TI), another leasing company, rose 24 kurus, or 4.74 percent, to 5.30 liras.
Turk Traktor ve Ziraat Makineleri AS (TTRAK TI), a maker of tractors and other farm equipment, rose 1.30 liras, or 5.1 percent, to 26.70 liras after news reports 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, Haberturk said.
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