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Akbank, Erdemir Gain Most Since February on MSCI Index Weight

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May 31 (Bloomberg) -- Akbank TAS, Turkey’s second-largest lender, and steelmaker Eregli Demir & Celik Fabrikalari TAS advanced the most since February, leading gains among Turkish stocks whose weights were increased in the MSCI Indexes today.

Akbank surged 5.2 percent to 5.70 liras while Erdemir, as Turkey’s largest steelmaker is known, gained 4.4 percent to 2.15 liras at the close in Istanbul.

Fund managers often use the MSCI indexes as benchmarks for allocating their own investments according to different company and country weightings. Changes in the indexes often produce a flow of money in and out of a given stock or country.

Bim Birlesik Magazalar AS, a discount retailer, gained 3.1 percent to 75.50 liras. Turkiye Garanti Bankasi AS, the country’s largest bank by market value, gained 0.7 percent to 5.98 liras. Haci Omer Sabanci Holding AS, Turkey’s second-largest group of companies and part-owner of Akbank, gained 4.3 percent to 7.36 liras, the highest since April 12.

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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