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Turkish Stocks: Akbank, Ege Endustri, Garanti Bankasi Move

Turkey’s benchmark ISE National 100 Index fell 2 percent to 50,182.53 at the close in Istanbul, falling for a third day and bringing its weekly loss to 2.1 percent.

The following were among the active equities in the Turkish market today. Stock symbols are in parentheses.

Akbank TAS (AKBNK TI), the bank part-owned by Citigroup Inc., slumped 2.7 percent to 5.76 liras after rising as much as 2.4 percent in intraday trading following its announcement of a new chief executive. Akbank replaced Ziya Akkurt with Sabri Hakan Binbasgil, a former head of Akbank’s retail and organizational restructuring departments who was acting deputy CEO, according to an announcement to the exchange after the close yesterday.

Ege Endustri & Ticaret AS (EGEEN TI), a car parts maker, gained 0.9 percent to 43.40 liras. The company signed a letter of intent with Germany’s Neapco Europe GmbH to study possible joint production in Turkey, it said in a statement to the exchange today.

Turkiye Garanti Bankasi AS (GARAN TI), Turkey’s largest bank by market value, plunged 4.1 percent to 5.62 liras, its lowest since February 2010, leading declines on the market as fears of more bad news out of Europe discouraged investors from remaining long Turkey over the weekend, according to Bali Ekin, head of equity trading at Amsterdam-based Credit Europe Bank NV.

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