Akfen Recovers From Slump After Auction Upset: Istanbul Mover
Akfen Holding AS (AKFEN) jumped the most in 20 months, rebounding after a selloff caused by the Turkish builder’s elimination from a natural gas grid auction.
The stock climbed 8.8 percent to 11.1 liras at the close in Istanbul, the biggest leap since May 2011. The number of shares traded was more than 2 1/2 times the stock’s three-month daily average volume. Akfen slumped 13 percent over the two days to Jan. 28.
The company was eliminated in the Jan. 25 auction of Baskent Dogalgaz Dagitim, Ankara’s natural gas grid.
“The stock was seriously punished, and is now being forgiven,” Sezai Saklaroglu, an analyst at Istanbul-based Erste Securities, said in a phone interview today. “There was nothing to necessitate that sharp decline.”
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