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Turkey Stocks: Dentas Ambalaj, Emlak Konut, Sinpas Move

Dec. 8 (Bloomberg) -- Turkey’s benchmark ISE National 100 Index fell 3 percent to 53499.25 at the close of trading in Istanbul.

The following stocks were active on the Turkish stock market today. Stock symbols are in parentheses.

Dentas Ambalaj & Kagit Sanayi AS (DENTA TI), a Turkish producer of paper and cardboard boxes, jumped 20.3 percent to 1.54 liras, the highest level since Nov. 4. The company’s parent, Dentas Kagit Sanayi AS, hired brokerage Standard Unlu to study strategic options for the unit, Dentas Ambalaj said in a statement to the stock exchange after the market closed yesterday.

Emlak Konut Gayrimenkul Yatirim Ortakligi AS (EKGYO TI), a real estate developer, declined 4.6 percent to 2.07 liras. BofA Merrill Lynch Inc. turned “negative” on the Turkish property sector, saying economic growth, surge in interest rates and inflation are not supportive of an expansion. Merrill cut Emlak Konut to “neutral,” according to an e-mailed report today.

Sinpas Gayrimenkul Yatirim Ortakligi AS (SNGYO TI), a home builder, fell 4.35 percent to 1.10, also cut to “neutral” by BofA.

To contact the reporter on this story: Aydan Eksin in Istanbul at aeksin@bloomberg.net

To contact the editor responsible for this story: Shaji Mathew at shajimathew@bloomberg.net

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