Turkey’s benchmark ISE National 100 Index fell for the first day in three, reversing gains of as much as 0.6 percent after Standard & Poor’s said the country’s economy may be heading for a “hard landing.” The benchmark gauge closed down 207.09, or 0.3 percent, at 61,181.55 at 5:30 p.m. in Istanbul.
The following stocks were active. Symbols are in parentheses.
Aksigorta AS (AKGRT TI), a Turkish non-life insurer, surged as much as 10 percent, its biggest intraday gain in four months, and closed up 5 kurus, or 3.2 percent, at 1.61 liras. Brussels-based Ageas and its Turkish partner Haci Omer Sabanci Holding AS (SAHOL TI) aim to make Aksigorta the industry leader in Turkey after Ageas bought a 31 percent stake from Sabanci in February, Ageas Chief Executive Officer Bart De Smet said at a press conference today.
Ford Otomotiv Sanayi AS (FROTO TI), the Turkish unit of Ford Motor Co., added 50 kurus, or 4 percent, to 12.95 liras, its biggest gain since May 9. The company was raised to “neutral” from “sell” at UBS AG.
Turkcell Iletisim Hizmetleri AS (TCELL TI), Turkey’s biggest mobile-phone company, dropped 8 kurus, or 0.9 percent, to 8.58 liras ahead of its earnings report. The company may report second-quarter profit after markets close today of 19.9 million liras ($11.8 million), down from 425 million liras in the same period a year earlier, according to the mean estimate of 11 analysts in a Bloomberg survey, five of whom forecasted a loss.