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BIM, Borusan, Garanti Bank: Turkey Equity Market 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 403.07, or 0.6 percent, to 66,428.29 yesterday, declining for the third day.

BIM Birlesik Magazalar AS (BIMAS): The Turkish discount grocer signed a memorandum of understanding with Savola to start a discount retail chain in Saudi Arabia. The partners will hold equal stakes in the joint venture after talks are completed and a final agreement is signed, BIM said in a statement to the Istanbul Stock Exchange today. BIM rose 50 kurus, or 1 percent, to 52.50 liras.

Borusan Mannesmann Boru Sanayi & Ticaret AS (BRSAN): The Turkish pipe manufacturer won a 20.8 million euros contract from to supply steel pipes for a 94-kilometer natural gas pipeline to be built in Denmark, it said in a statement to the bourse after markets closed yesterday. Borusan Mannesmann fell 10 kurus, or 0.5 percent, to 18.4 liras.

Turkiye Garanti Bankasi AS (GARAN TI): The Turkish bank in which Banco Bilbao Vizcaya Argentaria SA agreed to buy a 24.9 percent stake for $5.8 billion, will offer 1 billion liras ($650 million) of one-year bonds to investors in the domestic market, it said in a statement to the exchange after trading ended yesterday. Garanti lost 12 kurus, or 1.6 percent, to 7.56 liras.

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