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Turkey Banks Climb Most Since November as Emerging Markets Gain

Jan. 3 (Bloomberg) -- Turkish banks, the country’s most actively traded stocks by market value and volume, had their biggest gain since November as a pickup in manufacturing around the world boosted investor appetite for emerging-market assets.

The Istanbul Stock Exchange National Banks Index jumped 4 percent to 103,380.33 at the close of trading in Istanbul, the most since Nov. 30. Yapi & Kredi Bankasi AS, UniCredit SpA’s Turkish unit, rallied 7 percent. Turkiye Is Bankasi AS, the country’s largest listed lender by assets, added 6 percent and Turkiye Garanti Bankasi AS, the biggest by market value, rose 3.4 percent.

Emerging-market stocks advanced for a fourth day after a pickup in manufacturing output in countries from China, India and the U.S. boosted optimism the global economy is weathering Europe’s debt crisis.

“Turkey finally caught up as they offer compelling value,” Bali Ekin, head of equities at Credit Europe Bank NV in Amsterdam, said in e-mailed comments. “If you buy anything in Turkey you have to go with the most liquid which is the financial sector. The Asian data overnight coupled with continued DA strength energized money flows to emerging market and risk assets.”

The MSCI Emerging Markets Financials Index gained 2.5 percent today, valuing companies in the gauge at 9.8 times reported earnings. The ISE National Banks Index traded at 7.7 times profit.

The index of 16 Turkish banks accounts for 37 percent of the overall value on the ISE 100 index. Garanti, Isbank and Akbank TAS were the most actively traded stocks by value on the market today, while seven lenders topped the list of most-active shares by volume.

“Flows from the international side plus the overall positive sentiment” helped push the banking shares up, said Ali Balkan, a trader at Istanbul-based brokerage BGC Partners.

To contact the reporter on this story: Benjamin Harvey in Istanbul at bharvey11@bloomberg.net

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

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