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Turkish Stocks: AFM, Akbank, Akenerji Move in Istanbul

Feb. 29 (Bloomberg) -- Turkey’s benchmark ISE National 100 Index rose for a second day, adding 1.2 percent to 60,721.23 at the close in Istanbul

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

AFM Uluslararasi Film Produksiyon & Sanayi AS (AFMAS TI), owner of a chain of cinemas, jumped as much as 10 percent before paring its gain to 2.1 percent at 12.45 liras. Owner Esas Holding AS signed an agreement to sell its 89 percent stake in the unit to Mars Sinema & Sportif Tesisler Isletmeciligi AS in two stages. Esas will initially sell 49.4 percent of its stake for $49 million, or $7.35 a share. It will then divest 39.6 percent at a price to be determined later, AFM said in a statement to the Istanbul Stock Exchange after the market closed yesterday.

Akbank TAS (AKBNK TI), the bank part-owned by Citigroup Inc., led gains among lenders and on the wider index, adding 2.9 percent to 7.02 liras. Bank stocks across Europe rose, with the 43-member Bloomberg Europe Banks and Financial Services Index up 1.3 percent, after tapping the European Central Bank for a record 529.5 billion euros.

Akenerji Elektrik Uretim AS (AKENR TI), the utility owned by CEZ AS and Akkok Group, dropped 1.4 percent to 2.19 liras, its lowest in almost a month. Full-year loss widened to 211 million liras last year from 26.4 million liras a year earlier, the company said in a statement to the Istanbul Stock Exchange after the market closed yesterday. That was more than 93.5 million liras average of 17 analyst estimates compiled by Bloomberg.

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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