Turkish Stocks: Bank Asya, Torunlar, Turkish Airlines Move

Turkey’s benchmark ISE National 100 Index (XU100) retreated 0.4 percent to 61,544.94 at the close in Istanbul, falling for a third day and paring its gain this year to 20 percent.

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

Asya Katilim Bankasi AS (ASYAB TI), an Islamic lender also known as Bank Asya, fell 1 percent to 1.93 liras. Turkey’s revenue-linked bonds were deemed to break Islamic law barring earnings from interest by a leading professor who advises the country’s Islamic banks, Vatan reported. The Treasury has sold about 1 billion liras of such debt and Islamic lenders have requested the Treasury swap the fixed income instrument for other paper, Vatan said citing Osman Akyuz, head of a group representing the banks.

Albaraka Turk Katilim Bankasi AS (ALBRK) , another Islamic bank, fell 1 percent to 2.01 liras.

Torunlar Gayrimenkul Yatirim Ortakligi AS (TRGYO) , a real estate company, added 3 percent to 5.46 liras after winning a government land sale auction. Torunlar submitted the highest bid of 355 million liras ($199 million) to buy about 72,000 square meters and received 49-year rights to use 3,935 square meters of docks along the Bosphorus in Istanbul’s Beykoz district, Ibrahim Kirsan, deputy head of the state asset sales agency, said today.

Turk Hava Yollari (THYAO) AO, Turkey’s national airline, declined 1.2 percent to 2.56 liras. The company will lose about 10 percent of its revenue from the Middle East, or 100 million liras, as a result of its decision to halt flights to Syria from April 1, according to Haberturk newspaper.

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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