Bloomberg News

Turkey Banks Rise Most Since November as Emerging Markets Gain

January 04, 2012

Jan. 3 (Bloomberg) -- Turkish banking stocks rose the most since November as emerging market equities gained and low volume trade helped push up share prices.

The banking index gained 3.7 percent to 103,038.15 at 5:09 p.m., it biggest jump since Nov. 30. Gains were led by UniCredit SpA’s Turkish unit Yapi & Kredi Bankasi AS, up 5.9 percent. Turkiye Is Bankasi AS, the country’s largest bank by assets, added 4.8 percent and Turkiye Garanti Bankasi AS, the largest bank by market value, rose 2.7 percent.

Trade in Turkish stocks has been “extremely low lately so the flow created a big imbalance to jack up prices,” Emir Tayman, a trader at Ekspres Invest in Istanbul, said in an e- mail.

“Flows from the international side plus the overall positive sentiment in Europe and Russia” helped push the banking shares up, trader Ali Balkan at Istanbul-based brokerage BGC Partners said.

The overall MSCI Emerging Markets Index gained 1.5 percent while Russia’s benchmark stock index gained 3.1 percent.

--Editor: Colin Keatinge

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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