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Polyester Sanayi Falls 1st Day in Four in Istanbul Trading

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May 22 (Bloomberg) -- Polyester Sanayi AS, a Turkish producer of polyester fibers, yarns and plastic bottles, dropped, snapping three days of gains.

Trading was halted on the Istanbul Stock Exchange in the morning session after the stock retreated 11 percent. The shares traded down 2.2 percent at 1.35 liras by the close in Istanbul.

“The shares rose by 24 percent in the last three trading days on news that the Ministry of Economy decided to continue with anti-dumping measures for polyester fiber imports from Indonesia and South Korea,” Istanbul-based brokerage BGC Partners said in a note to clients after the market closed yesterday.

There is no specific reason for the shares’ “extraordinary” movements that has not been disclosed to the public, the company said in a statement to the exchange today.

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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