Turkish Stocks: Akbank, Dogus, Koza Altin, Yapi Kredi Move

Turkey’s benchmark ISE National 100 Index (XU100) added 1.7 percent to 62,336.32 at the close in Istanbul, bringing the gain this week to 5.2 percent, the biggest five-day advance in eight months.

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

Akbank TAS (AKBNK) , the lender part-owned by Citigroup Inc., surged the most since September, adding 4.2 percent to 7.38 liras after central bank Governor Erdem Basci said inflation would moderate and Turkey could take gradual steps to increase the proportion of lira reserves held in foreign currency or gold, lowering borrowing costs for banks.

The banking index gained 3.3 percent, with Turkiye Garanti Bankasi AS (GARAN) adding 2.7 percent to 6.90 liras, Yapi & Kredi Bankasi AS (YKBNK) adding 4.6 percent to 3.62 liras and Turkiye Vakiflar Bankasi TAO (VAKBN) adding 6.5 percent to 3.45 liras.

Dogus Otomotiv (DOAS) Servis & Ticaret AS (DOAS TI), the Turkish importer of Volkswagen AG (VOW) cars, rose to a nine-month high, adding 4.7 percent to 4.88 liras after Industry Minister Nihat Ergun said Turkey would phase out a special consumption tax on cars.

Koza Altin Isletmeleri AS (KOZAL) , a gold miner, rose 1 percent to 32 liras after reporting full-year profit almost doubled to 460.5 million liras ($256 million), beating estimates.

Saf Gayrimenkul Yatirim Ortakligi AS Vestel Elektronik Sanayi & Ticaret AS (VESTL) , a real estate trust, added 3 percent to 1.37 liras after being added to the benchmark ISE National 100 Index while the index-tracking Turkish real estate investment trusts fell less than 1 percent.

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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