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Akbank, Aksigorta, Petrol Ofisi Tupras: Turkish Equity Preview

The following stocks may be active in Turkey. Symbols are in parentheses and prices are from the last close.

Turkey’s benchmark ISE National 100 index fell 895.61, or 1.3 percent, to 67,874.68 yesterday.

Akbank TAS (AKBNK TI): The Turkish bank in which Citigroup owns a 20 percent stake, will announce two or three “big” projects with Citigroup in the next five months, Akbank Chief Executive Officer Ziya Akkurt said yesterday. Akbank fell 18 kurus, or 2.1 percent, to 8.34 liras.

Aksigorta AS (AKGRT TI): The Turkish insurer was downgraded to “underweight” from “neutral” at HSBC, with a target price of 1.85 liras per share. Aksigorta fell the most since February 2009 yesterday after saying it got orders to pay 253.9 million liras in back taxes and fines. The stock dropped 19 kurus, or 8 percent, to 2.18 liras.

Petrol Ofisi AS (PTOFS TI): Turkey’s biggest fuel retailer said a court overturned a payment order for 5.52 million liras ($3.5 million) in back taxes and fines from 2003. Court cases concerning 37.4 million liras in back taxes and fines from 2003 are continuing, it said in a statement to the Istanbul Stock Exchange today. Petrol Ofisi rose 4 kurus, or 0.6 percent, to 6.68 liras.

Tupras Turkiye Petrol Rafinerileri AS (TUPRS TI): Turkey’s sole oil refiner, got investment incentives from the Treasury for 2.34 billion liras ($1.5 billion) that the company will spend on fuel upgrades, it said in a statement to the bourse after markets closed yesterday. Tupras gained 1.10 liras, or 2.6 percent, to 43.20 liras.

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