Turkey Equity Movers: Ozbal, Tupras, Turkcell, Turk Telekom Move
Turkey’s benchmark ISE National 100 Index (XU100) gained 1,349.33, or 2.2 percent, to 62,530.88 at the 5:30 p.m. close in Istanbul, reversing losses of as much as 0.3 percent after central bank Governor Erdem Basci said the bank could take steps to halt the lira’s decline.
The following stocks were active. Symbols are in parentheses.
Ozbal Celik Boru Sanayi Ticaret & Taahut AS (OZBAL TI), a maker of steel pipes, fell to 3.92 liras on its first day of trading on the exchange. Ozbal sold seven million shares at 4.1 liras apiece in an initial public offering, according to a statement on July 25 by Global Securities, which managed the sale.
Tupras Turkiye Petrol Rafinerileri AS (TUPRS) , Turkey’s sole refiner, jumped 1.50 kurus, or 3.8 percent, to 41.40 liras, rising for a fourth day. The company is negotiating a 14-year loan of as much as $1.723 billion via the Italian and Spanish export agencies to finance a residuum upgrade, it said in a filing to the exchange today.
Turkcell Iletisim Hizmetleri AS (TCELL TI), Turkey’s biggest mobile-phone company, gained 12 kurus, or 1.4 percent, to 8.70 liras after Chief Executive Officer Sureyya Ciliv said the company would invest 1 billion liras ($597 million) and expand the business more quickly in the second half of the year.
Turk Telekomunikasyon AS (TTKOM) , Turkey’s largest phone company, dropped for a fifth day, losing 12 kurus, or 1.6 percent, to 7.42 liras. The company delayed tomorrow’s meeting of shareholders in its mobile-phone unit, Avea Iletisim. Avea was to hold the extraordinary meeting to vote on a plan to convert as much as 2.92 billion liras of Turk Telekom loans into equity to help net off Avea’s past loans.
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