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Akbank, Akfen GYO, BIM, Vakifbank: Turkey Equity Market Preview

May 11 (Bloomberg) -- 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 696.48, or 1 percent, to 67,259.99 yesterday, declining for a fifth day.

Akbank TAS (AKBNK TI): The Turkish bank part-owned by Citigroup Inc., said the central bank demanded that it deposit an average extra $742 million of reserves over 3.5 years to cover liabilities. Akbank will appeal the order in the courts, it said in a filing with the Istanbul Stock Exchange today. The extra reserves won’t affect profit in a “significant way,” it said. Akbank declined 14 kurus, or 1.8 percent, to 7.62 liras.

Akfen Gayrimenkul Yatirim Ortakligi AS (AKFGY TI): the real estate unit of Turkish builder Akfen Holding AS, will start trading on the exchange today at a reference price of 2.28 liras per share. Akfen GYO, as the company is known, sold a 29.4 percent stake for 123.4 million liras in an initial public offering on May 5-6. Demand for the shares exceeded the offer by more than three times, broker Oyak Yatirim, lead manager for the IPO, said on May 9.

Anadolu Efes Biracilik & Malt Sanayii AS (AEFES TI): The Middle East’s biggest brewer said first-quarter net income fell to 53.7 million liras ($34 million) from 71.5 million liras in the same period of 2010, it said in a statement to the bourse after the market closed yesterday. The company was expected to earn 56.2 million liras, according to the average of six analyst estimates compiled by Bloomberg. Anadolu Efes was unchanged at 22.35 liras.

BIM Birlesik Magazalar AS (BIMAS TI): The Turkish discount store chain said first-quarter profit rose to 79.8 million liras from 66 million liras a year earlier in a statement to the bourse after the market closed yesterday. The company was expected to earn 72.2 million liras, according to the average of five analyst estimates compiled by Bloomberg. BIM dropped 50 kurus, or 1 percent, to 50.50 liras.

Hurriyet Gazetecilik & Matbaacilik AS (HURGZ TI): The publisher of Hurriyet newspaper said it made a loss in the first quarter of 26.1 million liras compared with a loss of 1.26 million liras a year ago, according to a filing with the bourse after the market closed yesterday. Hurriyet fell 7 kurus, of 3.6 percent, to 1.86 liras.

Turkiye Vakiflar Bankasi TAO (VAKBN TI): The state-owned bank’s first-quarter profit jumped to 409.2 million liras from 305.1 million liras a year earlier, it said in a statement to the bourse after the close yesterday. The bank was expected to earn 358.3 million liras, according to the average of six analyst estimates compiled by Bloomberg. Vakifbank dropped 4 kurus, or 1 percent, to 3.88 liras.

To contact the reporter on this story: Aydan Eksin in Istanbul at aeksin@bloomberg.net

To contact the editor responsible for this story: Shaji Mathew at shajimathew@bloomberg.net

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