Bloomberg News

Turkish Stocks: Borusan Yatirim, Enka, Kordsa, Oyak, Tekfen Move

April 19, 2012

Turkey’s benchmark ISE National 100 Index (XU100) fell for a second day, losing 0.5 percent to 59,848.46 at the close in Istanbul, its lowest since March 13.

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

Borusan Yatirim & Pazarlama AS (BRYAT) , a Borusan Holding AS group company with interests in the automotive and energy industries, advanced for a third day, adding 2.3 percent to 11.15 liras, its highest since August. Borusan Holding AS said yesterday its revenue increased 22 percent in 2011 to $4.3 billion and is planning acquisitions this year.

Kordsa Global Endustriyel Iplik & Kord Bezi Sanayi & Ticaret AS (KORDS) , a Turkish manufacturer of cord fabric used in vehicle tires, gained 2.4 percent to 4.04 liras. Kordsa expects sales of more than 2 billion liras ($1.1 billion) this year, up from 1.63 billion liras in 2011, the company said in a press release today.

Oyak Yatirim Ortakligi AS (OYAYO) , the listed investment unit of Turkey’s military retirement fund, dropped for a second day, losing 3.2 percent to 61 kurus. Turkey’s Milliyet newspaper reported today a parliamentary committee was reviewing complaints against the fund regarding pension payments and market transactions, as well as allegations junior officers weren’t sufficiently represented on Oyak’s board.

Tekfen Holding AS (TKFEN) , a Turkish builder, gained 1.6 percent to 6.24 liras after saying it will sell its 29 percent stake in EFG Eurobank Ergasias SA (EUROB)’s Turkish unit Eurobank Tekfen AS to Burgan Bank SAK (BURG) of Kuwait.

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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