Turkey Stocks: Denizbank, Finansbank, Dogus Otomotiv, Sekerbank

Turkey’s benchmark ISE National 100 Index (XU100) lost 1.5 percent to 58,543.37 at the close in Istanbul, falling for the first day in five.

The following stocks were active.

Denizbank AS (DENIZ) , Dexia SA (DEXB)’s Turkish unit, jumped 17 percent to 15.35 liras, bringing its five-day gain to 88 percent. The bank’s Belgian parent company began evaluating strategic options for its 99.8 percent stake in Denizbank, Denizbank said in a filing to the Istanbul Stock Exchange yesterday.

Dogus Otomotiv Servis & Ticaret AS (DOAS TI), the distributor of Volkswagen cars in Turkey, dropped 4.8 percent to 3.98 liras after the government announced an increase in the special consumption tax for vehicles with engines larger than 1.6 liters.

Karsan Otomotiv Sanayii & Ticaret AS (KARSN TI), a maker of vans and light commercial vehicles, fell 2.3 percent to 1.26 liras.

Tofas Turk Otomobil Fabrikasi AS (TOASO) , Fiat SpA’s unit in Turkey, fell 0.9 percent to 7.02 liras.

Finansbank AS (FINBN TI), the bank owned by National Bank of Greece, surged 19 percent to 5.20 liras, bringing the stock’s four-day gain to 57 percent.

Investors are betting Finansbank and Denizbank will be sold as their European owners try to shore up their balance sheets. Finansbank today said a report in Millyet newspaper that HSBC Holdings Plc was interested in buying its shares from NBG “didn’t reflect the truth.”

Sekerbank TAS (SKBNK) , the bank owned by Kazakhstan’s BTA Bank JSC, jumped 5.2 percent to 1.02 liras. “Most of the small banks are up today because of the M&A rumors,” said Selin Gursel, an equities trader at Sekerbank’s brokerage unit. “There’s nothing specific about Sekerbank.”

Tekstil Bankasi AS (TEKST) , whose owners told the stock exchange in June they would evaluate offers, jumped 17 percent to 81 kurus, the biggest increase since November 2008.

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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