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Turkish Stocks: Garanti, Sinpas Gayrimenkul, Emlak Konut Move

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Dec. 12 (Bloomberg) -- Turkey’s benchmark ISE National 100 Index dropped 2.6 percent to 52,444.07 at the 5:30 p.m. close in Istanbul, the lowest since Nov. 29.

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

Turkiye Garanti Bankasi (GARAN TI), Turkey’s largest listed bank by market value, dropped 4.5 percent to 5.96 liras, the biggest decline since Oct. 20. U.S. and European stocks fell and the euro weakened after Moody’s Investors Service said it will review ratings for countries in the region.

Sinpas Gayrimenkul Yatirim Ortakligi AS (SNGYO TI), a Turkish residential property developer, fell 4.6 percent to 1.04 liras, the lowest level since August 2009. There are concerns that demand for housing is being hurt by monetary policy and inflation, which is pushing up mortgage rates, Huseyin Merdan Geyik, an analyst at broker Yatirim Finansman Securities, said by telephone. Rival Emlak Konut Gayrimenkul Yatirim Ortakligi AS slid 4.3 percent to 1.99 liras.

To contact the reporter on this story: Selcuk Gokoluk in Istanbul at sgokoluk@bloomberg.net

To contact the editor responsible for this story: Gavin Serkin at gserkin@bloomberg.net

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