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Turkish Stocks Drop as Banks Fall, Sabanci Retreats From Surge

Aug. 12 (Bloomberg) -- Turkish stocks sank, led by banks and the country’s second-largest holding company, which retreated from a late surge in the final minutes of trading yesterday.

The benchmark Istanbul National 100 Index fell 1,096.91, or 2.1 percent, to 50,920.11 at 10:22 a.m. The banking index lost 2.1 percent.

Turkiye Garanti Bankasi AS, the country’s largest listed company, led the decline, losing 18 kurus, or 2.98 percent, to 5.86 liras. Second was Haci Omer Sabanci Holding AS (SAHOL TI), which surged in the final minutes of trading yesterday to the maximum 11 percent gain permitted in a session. The shares plunged as much as 7.5 percent to 5.4 liras today.

“When you look at the combined intra-day charts of the ISE100, you will see something similar to a histogram recording a 7.5 magnitude earthquake,” Istanbul-based Ata Invest said in e-mailed comments. “Reason: wild volatility driven by fear and low (no) conviction.”

Yesterday, Turkey’s stock market reversed direction several times before closing 3.4 percent up.

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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