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Turkey Stocks: Kiler, Turkcell, Turk Traktor, Uyum Shares Move

Aug. 12 (Bloomberg) -- Turkey’s benchmark ISE National 100 Index climbed 171.63, or 0.3 percent, to 52,188.65 at the 5:30 p.m. close in Istanbul, paring its five-day decline to 7.3 percent, a second weekly drop.

The following stocks were active. Symbols are in parentheses.

Kiler Gayrimenkul Yatirim Ortakligi AS (KLGYO TI), a real estate developer, jumped the most since its April public offering, gaining 27 kurus, or 10 percent, to 2.94 liras after reporting second-quarter profit of 19.9 million liras ($11 million) compared with a 9.65 million-lira loss the previous year.

Turkcell Iletisim Hizmetleri AS (TCELL TI), Turkey’s largest mobile-phone company, lost 38 kurus, or 4.7 percent, to 7.66 liras, its lowest close since April 2009. Sweden’s TeliaSonera AB, the company’s largest shareholder, said its rights were violated at a special board meeting yesterday, and the sides failed to approve a proposed dividend of 75 percent of net income for last year or to approve financial statements from 2010.

Turk Traktor & Ziraat Makineleri AS (TTRAK TI), a maker of tractors and farm equipment, surged 3.5 liras, or 12 percent, to 33 liras. The shares lost 33 percent in the eight days through Aug. 10, when the stock’s 14-day relative strength index reached 16.9. A reading of below 30 is a signal to some investors that shares are set to increase.

The global “chaotic environment” spurred the drop, analyst Kenan Turan at Istanbul’s Tera Brokers said in e-mailed comments. “The stock performance has been spectacular since the beginning of the year with 66 percent outperformance to the ISE 100” and “still presents a respectable return potential with 34 percent upside.”

Uyum Gida Ihtiyac Maddeleri Sanayi & Ticaret AS (UYUM TI), a wholesale food and basic consumer goods company, jumped 52 kurus, or 7.4 percent, to 7.52 liras after saying it signed a 12-month confidentiality accord with a foreign fund and will sell a stake in the company, according to Bloomberg HT television.

To contact the reporter on this story: Benjamin Harvey in Istanbul at bharvey11@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net

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