Turkey Stocks Movers: Altinyildiz, Is Leasing, Tupras

Dec. 27 (Bloomberg) -- Turkey’s benchmark ISE National 100 Index rose 0.1 percent to 52,561.20 at the 5:30 p.m. close in Istanbul, rising for a third day to the highest since Dec. 9.

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

Altinyildiz Mensucat & Konfeksiyon Fabrikalari AS (ALTIN TI), a Turkish textile company, dropped 3 percent to 22.75 liras, in the biggest loss in two weeks. Altinyildiz, owned by Boyner Holding AS, will acquire stakes in the group’s two department store chains for 280.5 million liras ($148 million), to be deducted from the parent’s debts to Altinyildiz, according to the holding’s statement to the Istanbul bourse after the market closed yesterday.

Is Finansal Kiralama AS (ISFIN TI), a leasing company, gained 1.8 percent to 1.13 liras, to the highest level in three weeks. The Turkish government cut value added tax on leasing of machinery and equipment to one percent from eight percent and 18 percent, according to a decree published in the Official Gazette in Ankara today.

Finans Finansal Kiralama AS (FFKRL TI) rose 1.5 percent to 4.05 liras, the highest closing level in two weeks.

Tupras Turkiye Petrol Rafinerileri AS, Turkey’s sole oil refiner, advanced 1.8 percent to 40.5 liras, bringing gains in the last four days to 6.9 percent. Tupras was upgraded to “buy” from “hold”, with a 12-month price estimate of 49.78 liras, excluding dividend, at BGC Partners Istanbul, according to an e-mailed report today.

To contact the reporter on this story: Ercan Ersoy in Istanbul at eersoy@bloomberg.net

To contact the editor responsible for this story: Benedikt Kammel at bkammel@bloomberg.net