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Turkey Stocks: Aksa Enerji, Ittifak Holding, Kardemir, Petkim

Nov. 1 (Bloomberg) -- Turkey’s benchmark ISE National 100 Index fell to its lowest since Sept. 5, dropping 2.2 percent to 54,851.52 at the close in Istanbul. Of 100 shares on the index, 90 fell, 9 rose and one was unchanged.

The following stocks were active.

Aksa Enerji Uretim AS (AKSEN TI), an energy company, fell for the first day in four, slumping 3.1 percent to 3.43 liras after group company Aksa Elektrik Perakende Satis AS didn’t post the money to secure the right to buy a power grid on the European side of Istanbul yesterday.

Ittifak Holding AS (ITTFH TI), a group of companies with interests in shopping malls, construction and livestock, slumped 6.4 percent to 6.48 liras, the biggest drop since Aug. 10. Its retail chain Adese Alisveris Merkezleri Ticaret AS (ASESE TI) will start trading on the Istanbul Stock Exchange at a reference price of 7.76 liras per share on Nov. 3, the bourse said, at the lower end of the offered price range. Ittifak sold 8.82 million shares, or a 29 percent stake, in Adese for 68 million liras in an initial public offering on Oct. 25-27, it said Oct. 31.

Kardemir Karabuk Demir Celik Sanayi & Ticaret AS (KRDMD TI), a steelmaker, gained 1.2 percent to 83 kurus. The company said third-quarter profit was 82.5 million liras ($45.9 million), compared with a 6.49 million lira loss a year earlier.

Petkim Petrokimya Holding AS (PETKM TI), Turkey’s biggest petrochemicals company, fell for the first time in four days, retreating 7.4 percent to 2.24 liras, its lowest since Sept. 6. The company reported third-quarter profit of 34.7 million liras after the close yesterday, missing the 62.6 million-lira average estimate by six analysts compiled by Bloomberg.

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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