Turkish Equity Movers: Akbank, Petrol Ofisi, Is Finansal Move

Turkey’s benchmark ISE National 100 Index (XU100) fell for the first day in five, losing 1,154.93, or 1.8 percent, to 63,719.64 at the 5:30 p.m. close of trading in Istanbul.

The following stocks were active. Symbols are in parentheses.

Akbank TAS (AKBNK) , the bank part-owned by Citigroup Inc., dropped 28 kurus, or 3.6 percent, to 7.38 liras, the biggest decline in three weeks. The central bank said today it will increase banks’ reserve requirements on deposits to as much as 15 percent to help stem loan growth. The news pushed bond yields up 31 basis points to 8.90 percent, the biggest gain since October 2009. Akbank is most exposed to Turkish bonds and investors should sell the share, broker Standard Unlu said in an e-mailed report today.

Deniz Yatirim Ortakligi AS (DNZYO) , an investment trust, surged 26 kurus, or 19 percent, to 1.64 liras, the largest increase in two years. The company will start buying back shares from investors on March 25, it said in a filing with the Istanbul Stock Exchange today.

Is Finansal Kiralama AS (ISFIN) , a leasing company, jumped 17 kurus, or 11 percent, to 1.65 liras, the biggest gain since May 2009. The government is considering cutting taxes on leasing, Finance Minister Mehmet Simsek said in Istanbul today. Vakif Finansal Kiralama (VAKFN) AS surged 34 kurus, or 7.1 percent, to 5.10 liras.

Petrol Ofisi (PTOFS) AS, Turkey’s biggest fuel retailer, slumped 1.74 liras, or 19 percent, to 7.56 liras, the largest decline in eight years. Owner OMV AG (OMV) applied to the Istanbul Stock Exchange to de-list Petrol Ofisi, according to a filing to the bourse today. OMV plans to offer shareholders 7.01 liras per share, the company said. About 3 percent of Petrol Ofisi is open to the public after a recent share call, OMV said.

To contact the reporter on this story: Steve Bryant n Ankara at +90-312-438-8990 or sbryant5@bloomberg.net

To contact the editor responsible for this story: Andrew J. Barden at +971-4-364-1034 or barden@bloomberg.net.

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