Turkish Stocks: Afyon Cimento, Denizbank, Yapi Kredi Sigorta

Turkey’s benchmark ISE National 100 Index fell 0.4 percent to 56,486.61 at 2:23 p.m. in Istanbul, paring its weekly gain to 1.6 percent.

The following shares are active. Stock symbols are in parentheses.

Afyon Cimento Sanayi TAS (AFYON TI), a cement maker, fell

2.7 percent to 81.50 liras after owner Cimsa Cimento Sanayi & Ticaret AS applied to the market regulator to make an offer to buy remaining Afyon shares at 37.6 liras each. Cimsa, which is owned by Haci Omer Sabanci Holding AS, bought a 51 percent stake in Afyon from Ciments Francais SA for 57.5 million liras on May


Denizbank AS (DENIZ TI), the Turkish unit of Beligum’s Dexia SA, rose 5.1 percent to 12.35 liras, set for the highest this month, after OAO Sberbank of Russia, Eastern Europe’s largest lender, agreed to buy Denizbank for about 6.47 billion liras ($3.53 billion) in the largest deal so far this year in Eastern Europe, the Middle East and Africa. The sale is expected to be completed in the fourth quarter and the price may increase to 7.09 billion liras depending on changes to asset value, Dexia said.

Yapi Kredi Sigorta AS (YKSGR TI), Yapi & Kredi Bankasi AS’s insurance unit, gained 1.4 percent to 14.60 liras after saying it will apply to the market regulator to issue bonus shares. The insurer will offer the equity in a ratio of 0.27 for each existing security held to raise its capital to 102 million liras from 80 million liras, it said in a filing with the Istanbul Stock Exchange after the market closed yesterday.

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