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Turkish Stocks: Akbank, Albaraka, Tofas, Turkish Airlines Move

Feb. 27 (Bloomberg) -- Turkey’s benchmark ISE National 100 Index fell 1.5 percent to 58,821.82 at the close in Istanbul, its lowest in almost a month, and led declines among all markets in eastern Europe and the Middle East. Of 100 companies on the index, 78 fell.

The following stocks were active. Stock symbols are in parentheses.

Akbank TAS (AKBNK TI), the bank part-owned by Citigroup Inc., led declines on the banking index, slipping 2.4 percent to 6.62 liras, its lowest in more than a month. Deutsche Bank AG today followed UniCredit SpA and Morgan Stanley in downgrading Turkish equities. The outlook for bank earnings doesn’t justify current valuations, Deutsche Bank said.

Albarak Turk Katilim Bankasi AS (ALBRK TI), an Islamic bank, dropped 3.1 percent to 1.89 liras, its biggest loss since Jan. 6. Albaraka won’t pay a dividend from last year’s profit, the lender said in a statement to the exchange today.

Tofas Turk Otomobil Fabrikasi AS (TOASO TI), the unit of Fiat SpA in partnership with Koc Holding AS, fell 3.3 percent to 7.02 liras, its lowest in more than six weeks. Concern higher energy costs will hurt economic growth and erode earnings at airlines and automakers sent emerging market stocks down from a six-month high.

Turk Hava Yollari AO (THYAO TI), the national carrier known as Turkish Airlines, plunged 5.9 percent to 2.57 liras, its biggest decline since November 2011.

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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