Turkey Stocks: Denizbank, Dogan Yayin, Erdemir, Turk Telekom
Turkey’s benchmark ISE National 100 Index (XU100) rose 0.3 percent to 58,250.26 at 3:40 p.m. in Istanbul.
The following stocks were active.
Dogan Yayin Holding AS (DYHOL) , Turkey’s biggest media group, fell 4.2 percent to 68 kurus after saying it sold television channel Star TV to Ferit Sahenk’s Dogus Yayin Holding AS for $327 million. Though the sale will help lower Dogan Yayin’s “highly leveraged” net debt position, a “declining share of the group in the media sector is not a positive development in the long run,” Bulent Yurdagul, co-head of Turkey research for HSBC Holdings Plc in Istanbul, said in response to e-mailed questions.
Dogan Sirketler Grubu Holdings (DOHOL) AS, Dogan Yayin’s parent company, fell 3.1 percent to 62 kurus. Dogan bought Star TV for $306.5 million in 2005 after the channel was seized from the Uzan family to help recoup $6 billion in losses at a bank run by the Uzans.
Eregli Demir & Celik Fabrikalari AS (EREGL TI), Turkey’s biggest steel maker and known as Erdemir, rose 2.4 percent to 3.43 liras, heading for its highest since Sept. 2. The company had its long-term corporate credit rating raised to ‘B’ from ‘B- ’ at Standard & Poor’s, which cited greater efficiency and capacity, and a higher-value product-mix.
Tekfen Holding AS (TKFEN) , a builder, rose 0.4 percent to 5.94 liras, gaining for a third day, after saying its construction company started talks with Tecnicas Reunidas SA of Spain to cooperate on an upgrade to a refinery owned by Tupras Turkiye Petrol Rafinerileri AS. (TUPRS)
Turk Telekomunikasyon AS (TTKOM) , Turkey’s biggest phone company, added 0.3 percent to 7.58 liras, gaining for the first day in four. The company may report profit declined 31 percent in the third quarter over the same period last year, according to the average of 15 analysts’ estimates on Bloomberg. Turk Telekom is due to report earnings today, kicking off the reporting season for the third quarter.
To contact the reporter on this story: Benjamin Harvey in Istanbul at firstname.lastname@example.org
To contact the editor responsible for this story: Gavin Serkin at email@example.com
Bloomberg moderates all comments. Comments that are abusive or off-topic will not be posted to the site. Excessively long comments may be moderated as well. Bloomberg cannot facilitate requests to remove comments or explain individual moderation decisions.