Turkish Stocks: Bim Birlesik, Borusan, Turkish Airlines Move
Turkey’s benchmark ISE National 100 Index rose for the first day in four, gaining 34.60, or 0.1 percent, to 66,462.89 at the 5:30 p.m. close of trading in Istanbul.
The following stocks were active. Symbols are in parentheses.
BIM Birlesik Magazalar AS (BIMAS TI), a discount grocer, rose 50 kurus, or 1 percent, to 53 liras after announcing that it plans to expand into Saudi Arabia. The company has signed a memorandum of understanding with Savola Azizia United Co., a Saudi Arabian food producer, to start a discount retail chain in the Gulf kingdom, it said in a statement to the exchange today.
Borusan Mannesmann Boru Sanayi & Ticaret AS (BRSAN TI), a pipe manufacturer, rose 15 kurus, or 0.8 percent, to 18.55 liras after saying it won a 20.8 million-euro ($28 million) contract from Energinet.dk to supply steel pipes for a 94-kilometer natural gas pipeline in Denmark. The deal equates to around 6 percent of Borusan’s 2009 revenue, and the shares jumped as much as 6 percent in intraday trading after the announcement.
Turk Hava Yollari AO (THYAO TI), the national carrier known as Turkish Airlines, rose 7 kurus, or 1.4 percent, to 5.07 liras. The company was rated a new “buy” today at Erste Bank with a target price of 7.20 liras per share.
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