Bloomberg News

Turkey Stocks: Aksa Enerji, Denizbank, Euro Yatirim, Ford Oto

October 10, 2011

Oct. 10 (Bloomberg) -- Turkey’s benchmark ISE National 100 Index gained 1.7 percent to 58,327.63 at the 5:30 p.m. close in Istanbul, rising for a second day. Of 100 stocks on the index, 72 rose, 16 fell and 12 were unchanged.

The following stocks were active.

Aksa Enerji Uretim AS (AKSEN TI), a power generator, added 3.1 percent to 2.97 liras. The company lifted its total capacity to 1,977 megawatts by completing the last 190-megawatt unit at a gas-fired plant in Antalya, it said in a statement to the exchange today.

Denizbank AS (DENIZ TI), Dexia SA’s Turkish unit, jumped 20 percent to 10.12 liras, its biggest advance since February 2010. Dexia’s board met yesterday to review a plan under which it would set up a bad bank for its troubled assets, hive off its French municipal loan book and seek buyers for the remaining units including Denizbank. OAO Sberbank, Russia’s largest bank, hired Deutsche Bank AG and Troika Dialog Group Ltd. to advise on a possible offer, Kommersant reported, and former owner Ahmet Nasif Zorlu of Turkey, who sold the bank to Dexia in 2006, told Haberturk he may consider making an offer.

Euro Yatirim Menkul Degerler AS (EUROM TI), a Turkish broker, surged 7.3 percent to 1.17 liras, its highest close since June. The company applied to the German market regulator to buy a bank, it said in a statement to the exchange today without naming the bank.

Ford Otomotiv Sanayi AS (FROTO TI), Ford Motor Co.’s Turkish unit, fell 0.4 percent to 13.60 liras, snapping three days of increases. The company will share production of its Transit model vans with a factory in Kansas in accordance with a deal Ford made with the United Auto Workers union, Hurriyet newspaper reported, meaning Ford doesn’t plan to export the model to the U.S. from Turkey, it said.

Karsan Otomotiv Sanayii & Ticaret AS (KARSN TI), a Turkish automaker, jumped 11 percent to 1.34 liras, the biggest gain since February. The company has almost completed road tests for its V1 taxi, originally designed for the New York City taxi competition, Milliyet newspaper reported. Prime Minister Recep Tayyip Erdogan will test drive the car as he pushes for domestic auto production, and it will be exhibited at an auto fair in Geneva in March, Milliyet said.

--Editors: Peter Branton, Robert Valpuesta

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


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