Bloomberg News

Turkey Stocks: Fenerbahce, Ford Otomotiv, Turk Traktor Move

October 25, 2011

Oct. 25 (Bloomberg) -- Turkey’s benchmark ISE National 100 Index rose less than 0.1 percent to 56,278.39 at the close in Istanbul.

The following stocks were active.

Fenerbahce Sportif Hizmetler Sanayi & Ticaret AS (FENER TI), the merchandising arm of Istanbul soccer club Fenerbahce, fell 3.9 percent to 39.00 liras. The Finance Ministry’s financial crimes unit is investigating the club’s accounts in connection with a match-fixing probe, Sabah newspaper reported. Prosecutor Mehmet Berk alleges that Fenerbahce paid $1.25 million to four teams and players to affect the outcome of matches, Sabah said.

Ford Otomotiv Sanayi AS (FROTO TI), Ford Motor Co.’s production unit in Turkey, gained as much as 2.9 percent before closing at 13.85 liras, a 0.4 percent gain. The automaker reported third-quarter profit of 174.7 million liras ($96.7 million), a 56 percent increase over the same period a year earlier.

Turk Traktor & Ziraat Makineleri AS (TTRAK TI), a maker of tractors and farm equipment, fell 3.6 percent to 34.90 liras, its biggest loss in more than a month, after the company reported earnings. Operational results were below forecasts while financial earnings exceeded them, Ceren Uras, a trader at Ekspres Invest brokerage in Istanbul, said in a report. The company reported earnings before taxes and interest of $37.6 million in a statement to the exchange today, compared with $70.1 million in the second quarter, according to Bloomberg data.

--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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