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Halkbank, Rhea, Torunlar, Vakifbank: Turkey Market Preview

June 1 (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 rose 1,554.31, or 2.5 percent, to 63,046.02 yesterday.

Rhea Girisim Sermayesi Yatirim Ortakligi AS (RHEAG TI): The Turkish venture capital investment trust exercised its option to buy an additional 9 percent stake in OEP Rhea Turkey Tech BV for $6.59 million, raising its stake to 10 percent, it said in a statement to the Istanbul Stock Exchange after the market closed yesterday. Rhea Girisim gained 2 kurus, or 0.4 percent, to 4.96 liras.

Torunlar Gayrimenkul Yatirim Ortakligi AS (TRGYO TI): The Turkish real estate investment trust got a $250 million, 10-year loan with three years grace period, from Turkiye Is Bankasi AS (ISCTR TI) to partially finance a shopping mall project in Istanbul. The company provided Isbank a $300 million collateral with the mall it started to build in Kucukcekmece, it said in a statement to the bourse after the close yesterday. Torunlar GYO advanced 52 kurus, or 8.6 percent, to 6.58 liras.

Turkiye Halk Bankasi AS (HALKB TI): The Turkish state-owned bank was cut to “neutral” from “buy” at Goldman Sachs Group Inc., according to an e-mailed report today. Halkbank climbed 50 kurus, or 4.5 percent, to 11.65 liras.

Turkiye Vakiflar Bankasi TAO (VAKBN TI): the Turkish state-run bank was reduced to “sell” from “neutral” at Goldman. Vakifbank rose 7 kurus, or 1.9 percent, to 3.7 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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