Turkish Equity Movers: Isbank, Migros, Turkcell, TSKB Move

Turkey’s benchmark ISE National 100 Index (XU100) fell 177.08, or 0.3 percent, to 63,523.22 at the 5:30 p.m. end of trading in Istanbul on the day after voters elected Prime Minister Recep Tayyip Erdogan to a third term in office.

The following stocks were active. Symbols are in parentheses.

Turkiye Is Bankasi (ISATR) AS, Turkey’s biggest listed bank by assets, climbed to its highest level since May 17, gaining 2 kurus, or 0.4 percent, to 5.12 liras. The Turkish banking index, which has fallen 8.5 percent since the beginning of the year, closed down 0.2 as investors looked to Erdogan’s government to turn its attention to the economy after elections.

Migros Ticaret AS (MGROS) , a supermarket chain, dropped 50 kurus, or 2.6 percent, to 18.60 liras. The company denied a report in Turkey’s Ekonomist magazine that owners including BC Partners Ltd. are planning to sell Tansas supermarkets, part of the Migros group. Migros shares have fallen 4.9 percent since June 8, when it announced it was selling its Sok discount supermarket chain for 600 million liras ($379 million) to Bizim Toptan Satis Magazalari AS and Gozde Finansal Hizmetler AS. (GOZFN)

Turkcell Iletisim Hizmetleri AS (TCELL TI), Turkey’s largest mobile-phone company, reached a 10-month low, dropping 30 kurus, or 3.5 percent, to 8.38 liras after saying its Belarus unit will lose as much as $200 million in the second quarter.

Turkiye Sinai Kalkinma Bankasi AS (TSKB) , an investment and development bank, advanced 1 kurus, or 0.4 percent, to 2.48 liras, the first increase in four days. TSKB, which doesn’t take consumer deposits, will be “immune” to more expected reserve increases from the central bank, EFG Istanbul Securities said in a research note today.

To contact the reporter on this story: Benjamin Harvey in Istanbul at bharvey11@bloomberg.net

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

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