Turkish Stocks: Akbank, Nurol, Turkish Airlines, Yapi Kredi Move
Turkey’s benchmark ISE National 100 Index surged 3.7 percent to 56,958.83 at the close in Istanbul after the U.S. Federal Reserve extended its pledge to keep interest rates low and local dealer Garanti Securities predicted the lira would strengthen to 1.75 per dollar. The currency appreciated 0.8 percent to 1.7910, its highest since Nov. 14. Of 100 shares in the index, 89 rose.
The following were among the active equities in the Turkish market today. Stock symbols are in parentheses.
Frigo-Pak Gida Maddeleri Sanayi & Ticaret AS (FRIGO TI), a processor and packager of food products, plunged 4.7 percent to 1.01 kurus after saying its owners called off talks with potential buyers to sell a 62.5 percent stake in the company.
Nurol Gayrimenkul Yatirim Ortakligi AS (NUGYO) , a real estate developer, surged the most since April, adding 18 percent to 7.64 liras after saying it was in advanced talks to buy the Hurriyet (HURGZ) Medya Towers from Hurriyet Gazetecilik & Matbaacilik AS (HURGZ TI), the publisher of Hurriyet Newspaper. Hurriyet shares also rose, adding 3.3 percent to 93 kurus.
Turkiye Garanti Bankasi AS (GARAN) , Turkey’s largest bank by market value, added 4.5 percent to 6.56 liras, while the banking index surged, increasing 5.2 percent, after the Fed signal “reinforced the buying trend in Turkish assets,” according to Tufan Comert, strategist at Garanti Securities.
Akbank TAS (AKBNK) , the lender part-owned by Citigroup Inc., jumped 6.8 percent to 6.94 liras.
Turk Hava Yollari (THYAO) AO, or Turkish Airlines, rose 5.5 percent to 2.32 liras. The company is interested in buying Poland’s state airline Polskie Linie Lotnicze Lot SA because its geographical location in Europe is attractive, Turkish Airlines Chief Executive Temel Kotil was quoted as saying in Haberturk newspaper.
To contact the reporter on this story: Benjamin Harvey in Istanbul at firstname.lastname@example.org
To contact the editor responsible for this story: Gavin Serkin at email@example.com