Bloomberg News

Turkey Stocks: Akbank, Bizim Toptan, Ege Gubre, Yapi Kredi

October 26, 2011

Oct. 26 (Bloomberg) -- Turkey’s benchmark ISE National 100 Index fell 1.4 percent to 55,469.91 at the close in Istanbul, its biggest drop since Oct. 20.

The following stocks were active.

Bizim Toptan Satis Magazalari AS (BIZIM TI), a discount retail chain, slumped for a second day, losing 2 percent to 22.55 liras. Third-quarter profit fell to 6.7 million liras ($4 million) from 8.24 million liras a year earlier, the company said in a statement to the exchange.

Ege Gubre Sanayii AS (EGGUB TI), a fertilizer producer, retreated for a third day, slipping 2.3 percent to 87 liras. The company reported a loss of 7.6 million liras in the third quarter after a profit of 10.7 million liras a year earlier.

Yapi & Kredi Bankasi AS (YKBNK TI), the bank owned by UniCredit SpA and Koc Holding AS, dropped 4.9 percent to 3.27 liras after the central bank said it was ending its one-week repo auctions in favor of a higher overnight rate, effectively doubling banks’ borrowing costs from the central bank.

Akbank TAS (AKBNK TI), the bank part-owned by Citigroup Inc., lost 4.2 percent to 6.34 liras.

Turkiye Garanti Bankasi AS (GARAN TI), the largest bank by market value, fell 3.2 percent to 6.14 liras.

--Editors: Linda Shen, Stephen Kirkland

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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