Turkish Stocks: Arcelik, Emlak Konut GYO, Eregli Demir Rise
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Arcelik AS (ARCLK) , Turkey’s biggest producer of household appliances, gained 1.9 percent to 7.70 liras. The company is a “buy” even though its fourth quarter results were weaker as growth in white goods will continue in 2012 and cost pressures will ease, Citigroup’s brokerage in Turkey said.
Emlak Konut Gayrimenkul Yatirim Ortakligi AS (EKGYO) , Turkey’s largest real estate developer, climbed 1.8 percent to 2.28 liras. BGC Partners in Istanbul upgraded the company to “buy” following its underperformance relative to the overall index in the past three months and on expectations that legal changes would benefit the real estate sector.
Eregli Demir & Celik Fabrikalari AS (EREGL TI), Turkey’s largest steelmaker, added 3.1 percent to 3.99 liras. The company has announced a bonus for its shareholders, giving away 0.44 units for every share held. The bonus shares issue will cost the company 940 million liras ($534 million).
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