Nov. 22 (Bloomberg) -- Turkey’s benchmark ISE National 100 Index fell 1.5 percent to 51,986.38 at the close in Istanbul, its lowest since Aug. 18. The country’s banking index fell 2.2 percent, dropping for a seventh day, its longest losing streak since September 2008.
The following stocks were active. Stock symbols are in parentheses.
Akbank TAS (AKBNK TI), the bank part-owned by Citigroup Inc., fell the most in almost a month, losing 4.2 percent to 5.96 liras and leading declines on the index.
Aksigorta AS (AKGRT TI), an insurer owned by Ageas of Belgium and Haci Omer Sabanci Holding AS, jumped 6.2 percent to 1.54 liras after the two owners said they each plan to buy more shares in the company within a year. Sabanci and Ageas may each increase their stake by five percent, Sabanci said in a statement to the exchange after the close yesterday.
Denizbank AS (DENIZ TI), Belgian lender Dexia SA’s unit in Turkey, surged 23 percent to 13.60 liras, giving the company a market value of 9.7 billion liras ($5.2 billion) after Sky reported HSBC Holdings Plc made an official offer to buy the bank for “several billion pounds.”
Ford Otomotiv Sanayi AS (FROTO TI), Ford Motor Co.’s production unit in Turkey, dropped 2.7 percent to 14.40 liras. The company was cut to “sell” from “buy” at UBS AG and to “hold” from “buy” at BNP Paribas Securities in Asia.
Koc Holding AS (KCHOL TI), Turkey’s largest group of companies, erased earlier gains of as much as 4.4 percent to close down 0.3 percent at 5.84 liras. Koc will probably exceed targets for 2011 and will continue growing at a slower pace next year while remaining profitable, Chief Executive Officer Turgay Durak said in an interview published today in Dunya newspaper.
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