Turkish Stocks: Asya Katilim, Halkbank, Isbank Move in Istanbul
The following shares were active. Stock symbols are in parentheses.
Asya Katilim Bankasi AS (ASYAB) , an Islamic lender, advanced 3.2 percent, the most since April 25, to 1.91 liras after Citigroup Inc. upgraded the stock to buy from neutral. The shares were raised on valuation grounds even though there is still concern “earnings will remain under pressure in 2012,” Emre Izgi, an analyst at Citigroup, said in an e-mailed report today.
Turkiye Halk Bankasi AS (HALKB) , a state-run lender, and Turkiye Is Bankasi (ISATR) AS, Turkey’s biggest bank by assets, fell after Citigroup Inc. downgraded the shares. Halkbank dropped 1.4 percent to 14.20 liras and Isbank fell 2 percent to 4.83 liras. Halkbank was cut to neutral from buy and Isbank was cut to sell from neutral, “mainly on valuation grounds” as Turkish banks have outperformed regional peers, the report said.
To contact the reporter on this story: Benjamin Harvey in Istanbul at email@example.com
To contact the editor responsible for this story: Gavin Serkin at firstname.lastname@example.org