Akenerji, Bilici, Turkcell: Turkey Equity Market Preview

The following stocks may be active in Turkey. Symbols are in parentheses and prices are from the last close.

Turkey’s benchmark ISE National 100 index (XU100) rose 832.70, or 1.3 percent, to 65,417.92 yesterday.

Akenerji Elektrik Uretim AS (AKENR) : The utility owned by Czech Republic’s CEZ AS and Turkey’s Akkok Group, which are planning to sell the company’s assets, was cut to “hold” from “buy” at UniCredit SpA, according to a report today. Akenerji fell 4 kurus, or 1.1 percent, to 3.55 liras.

Bilici Yatirim Sanayi & Ticaret AS (BLCYT TI): The Turkish textiles producer and exporter will start trading on the Istanbul Stock Exchange today, at a reference price of 2.70 liras, the bourse said today. Bilici sold a 33 percent stake for 26.8 million liras ($17 million) in an initial public offering on May 9-11, Deniz Yatirim, lead manager in the IPO, said on May 12. Investor demand exceeded the 9.93 million shares sold by more than two times, Deniz Yatirim said.

Turkcell Iletisim Hizmetleri AS (TCELL TI): Turkey’s biggest mobile-phone operator said it got a “precautionary seizure” order from tax authorities on 450 million liras of shares, dividend and other rights owned by shareholder Cukurova Holding AS in Turkcell, according to a statement to the bourse after the market closed yesterday. This is the second order after Turkcell reported on May 13 a precautionary seizure by a separate tax office on 1.3 billion liras of shares and rights owned by former chairman Mehmet Emin Karamehmet’s Cukurova Holding in Turkcell due to Cukurova’s unpaid tax debts. Turkcell gained 30 kurus, or 3.4 percent, to 9.16 liras.

To contact the reporter on this story: Aydan Eksin in Istanbul at aeksin@bloomberg.net

To contact the editor responsible for this story: Shaji Mathew at shajimathew@bloomberg.net

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