Bloomberg News

Turkey Stocks: Halkbank, Isbank, Garanti Move in Istanbul

October 20, 2011

Oct. 20 (Bloomberg) -- Turkey’s benchmark ISE National 100 Index slumped to its lowest in five weeks, losing 3.3 percent to 55,904.51 at the close in Istanbul. Of 100 shares on the index, 85 fell, 10 rose and five were unchanged.

The following stocks were active.

Akbank TAS (AKBNK TI), the Turkish lender part-owned by Citigroup Inc., fell 5.5 percent to 6.48 liras, the lowest since Sept. 6. Turkiye Halk Bankasi AS (HALKB TI), a state-run bank, dropped the most since Aug. 10, slumping 7 percent to 11.35 liras. Turkiye Garanti Bankasi AS (GARAN TI), the biggest listed bank by market value, slid 6 percent to 6.28 liras.

Turkey’s banking index dropped 5.6 percent, the most in a month, after policy makers raised the overnight lending rate and dropped language that suggested it may further ease monetary policy.

Turkiye Is Bankasi AS (ISCTR TI), Turkey’s biggest listed lender by assets, fell for a second day, losing 6.1 percent to 4.32 liras. Goldman Sachs Group Inc. added the bank to its “focus sell” list for the region, saying it’s exposed to “increasing macro headwinds” that are likely to “weigh on price performance.”

--Editors: Stephen Kirkland, Alex Nicholson

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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