Turkey’s Vakifbank Falls as UBS Says Value ‘Not Attractive’

Turkiye Vakiflar Bankasi (VAKBN) TAO, a state-run Turkish lender, fell as UBS Investment Research recommended investors sell the shares, saying relative valuation was “not attractive.”

The shares retreated 2.1 percent to 3.24 liras, the lowest in more than a month.

“The stock does not appear attractive, in our view, on a relative basis,” UBS analyst Serkan Gok said in a report today.

Vakifbank stock has soared 33 percent this year, compared with an 18 percent jump in the Istanbul Stock Exchange National 100 Index and a 20 percent rise in the country’s banking index.

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