Turkey Stocks: Afyon Cimento, Cimsa, Erdemir, Yapi Kredi Move

Turkey’s benchmark ISE National 100 Index (XU100) fell 1.7 percent to 53,563.75 at 1:44 p.m., dropping for a third day. Of the 100 stocks on the index, 90 fell, six gained and four were unchanged.

The banking index fell 2 percent as Turkey’s antitrust regulator said it was opening an investigation into 12 banks on possible collusion on setting interest rates on loans and deposits.

The following stocks were active. Stock symbols are in parentheses.

Afyon Cimento Sanayi AS (AFYON TI), a cement maker owned by Italcementi SpA (IT)’s Ciments Francais, headed for the biggest gain in almost three months, adding 9.8 percent to 112 liras after Cimsa Cimento Sanayi & Ticaret AS (CIMSA TI) said it was bidding for a 51 percent stake in the company. Cimsa shares fell 0.8 percent to 7.90 liras.

Eregli Demir & Celik Fabrikalari TAS (EREGL TI), or Erdemir, Turkey’s largest steel producer, fell 3 percent to 3.27 liras. Arcelor Mittal has considered selling its 26 percent stake in the Turkish steelmaker as it sells non-core assets, Mergermarket reported.

Yapi & Kredi Bankasi AS (YKBNK TI), the bank part-owned by Italy’s UniCredit SpA (UCG), dropped for a fifth day, losing 2.3 percent to 3.02 liras and heading for its lowest since Aug. 10. The bank was cut to “hold” at Deutsche Bank AG.

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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