Turkish Stocks: Denizbank, Emlak Konut, Goodyear, Ozak, Sinpas
Turkey’s benchmark ISE National 100 Index (XU100) fell 1.5 percent to 54,916.61 at the close in Istanbul, extending its losses in the past two days to 3.8 percent and heading for its worst week this year.
The following shares were active. Stock symbols are in parentheses.
Denizbank AS (DENIZ) , the Turkish lender owned by Belgium’s Dexia SA (DEXB), slid as much as 10 percent before paring its loss to 0.3 percent to 17.75 liras at the close, after Russia’s OAO Sberbank (SBER) was said to be near buying it at a valuation of 1.5 times book value, below its current valuation of 2.6 times book value.
Emlak Konut Gayrimenkul (EKGYO) Ortakligi AS (EKGYO TI) and Sinpas Gayrimenkul Yatirim Ortakligi AS (SNGYO) led Turkish real estate companies down after the government said it is considering extending a value-added tax on property sales to smaller properties. Emlak Konut notched its biggest loss since August 2011, dropping 5.8 percent to 2.10 liras. Sinpas fell 5.7 percent to 1.15 liras, the biggest decline since November.
The gauge tracking Turkish real estate firms dropped 3.4 percent to 32,385.42.
Goodyear Lastikleri Turk AS (GOODY) , the Turkish unit of Goodyear Tire & Rubber Co. (GT), plunged the most in almost a month, dropping 8.4 percent to 54.25 liras after saying it will suspend production at its two plants to stop an inventory build-up caused by a contraction in demand as a result of the global economic conditions.
Ozak Gayrimenkul Yatirim Ortakligi (OZKGY) AS, a Turkish real-estate investment trust, gained 0.4 percent to 2.58 liras after signing an agreement with Emlak Konut, the country’s biggest developer, that is expected to bring in a total of 145 million liras ($79 million) in revenue, according to a statement to the stock exchange today.
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