Nov. 24 (Bloomberg) -- Turkey’s benchmark ISE National 100 Index fell 2.9 percent to 49,621.67 at the close in Istanbul, erasing earlier gains after German Chancellor Angela Merkel said she wouldn’t approve any plan for European countries to issue joint euro bonds. It was the first time the Turkish index fell below 50,000 since February 2010.
The banking index fell for a ninth day, down 1.9 percent to 98,020.36, the longest losing streak since its formation more than a decade ago.
The following stocks were active. Stock symbols are in parentheses.
Aselsan Elektronik Sanayi & Ticaret AS (ASELS TI), a defense contractor, gained 1.4 percent to 7.32 liras. The company was initiated at “outperform” at Credit Suisse AG.
Ran Lojistik Hizmetleri AS (RANLO TI), a freight transporter and logistics company, added 2.2 percent to 92 kurus after saying it expects to earn 3 million liras ($1.6 million) annually from a two-year contract it signed with Diasa Dia Sabanci Supermarketleri AS.
Soktas Tekstil Sanayi & Ticaret AS (SKTAS TI), a company with interests in textiles, food and agriculture, advanced 4.1 percent to 6.68 liras after saying it hired Turkiye Sinai Kalkinma Bankasi AS, or TSKB, to advise on an initial public offering of its farm unit, Efeler Ciftligi Tarim & Hayvancilik AS.
Turkcell Iletisim Hizmetleri AS (TCELL TI), Turkey’s biggest mobile phone company, plunged in the final half hour of trading to lead losses on the index, losing 8.3 percent to 8.18 liras, its biggest drop since Aug. to the lowest level since September 12.
Turkiye Garanti Bankasi AS (GARAN TI), Turkey’s largest listed bank by market value, fell 1.4 percent to 5.78 liras, leading losses by index points on the banking index.
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