Bloomberg News

Turkish Stocks: Arcelik, Emlak Konut GYO, Eregli Demir Move

February 18, 2012

Feb. 17 (Bloomberg) -- Turkey’s benchmark ISE National 100 Index rose 1.8 percent to 61,111.30 at the close in Istanbul, increasing its weekly gain to 3 percent.

The following stocks were active. Stock symbols are in parentheses.

Arcelik AS (ARCLK TI), Turkey’s biggest producer of household appliances, gained 1.9 percent to 7.70 liras. The company is a “buy,” even though its fourth-quarter results were weaker, as growth in white goods will continue in 2012 and cost pressures will ease, Citigroup’s brokerage in Turkey said.

Bimeks Bilgi Islem & Dis Ticaret AS (BMEKS TI), an electronics retailer, jumped 12 percent to 2.71 liras, its biggest-ever gain. The company may consider buying back shares and plans to increase sales to 600 million liras ($342 million) this year from about 400 million liras last year, Chief Executive Officer Arif Bayraktar was quoted by Dunya newspaper as saying.

Emlak Konut Gayrimenkul Yatirim Ortakligi AS (EKGYO TI), Turkey’s largest real estate developer, climbed 1.8 percent to 2.28 liras. BGC Partners in Istanbul upgraded the company to “buy” following its underperformance in the past three months relative to the benchmark index and on expectations that legal changes would benefit the industry.

Eregli Demir & Celik Fabrikalari AS (EREGL TI), Turkey’s largest steelmaker, added 2.8 percent to 3.98 liras. The company is offering shareholders 0.44 units for every stock held. The bonus shares issue will cost Eregli 940 million liras.

--Editors: Ash Kumar, 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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