Turkey Stocks: Akbank, Turk Telekom, Yapi Kredi Move in Istanbul

Turkey’s benchmark ISE National 100 Index (XU100) rose 0.2 percent to 59,401.26 at the close in Istanbul, reversing earlier gains of as much as 1.3 percent. The index is up 7.8 percent this month after the gauge advanced in 13 of the past 14 days.

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

Akbank TAS (AKBNK) , the bank owned by Citigroup Inc. (C) and Haci Omer Sabanci Holding AS (SAHOL), jumped 2.3 percent before paring its advance to 0.3 percent at 6.20 liras. Moody’s cited Turkey’s well-capitalized banks in its upgrade today of the country’s credit rating to one step below investment grade. Akbank’s capital adequacy ratio of 17 percent as of end-2011 was the highest among the nation’s major banks and above the industry average of 16.5 percent, according to data compiled by Bloomberg.

Yapi & Kredi Bankasi AS (YKBNK) , a Turkish lender and asset manager, rose for a second day, adding 0.9 percent to 3.41 liras, the strongest level since April 26. The stock has jumped 17 percent this month.

Turk Telekomunikasyon AS (TTKOM) , Turkey’s largest landline telephone company, rose the most in more than four months, climbing 3.7 percent to 6.74 liras, after Goldman Sachs Group Inc. upgraded the stock to buy from neutral.

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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