Bloomberg News

Turkish Stocks: Dogusan, Turkish Airlines, Turk Telekom Move

July 11, 2012

Turkey’s benchmark ISE National 100 Index (XU100) fell 0.1 percent to 63,048.76 at the close in Istanbul, reversing earlier gains of as much as 0.7 percent. The gauge is up 23 percent this year.

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

Dogusan Boru Sanayii & Ticaret AS (DOGUB) , a maker of cement pipes and fittings, fell to the lowest level in six weeks, dropping 6.1 percent to 1.38 liras. Turkey’s asset sales agency canceled the sale of a 56 percent state-held stake in the company after the fourth and final bidder declined to sign an agreement to buy it, according to a statement to the Istanbul Stock Exchange after the close yesterday. A previous auction to sell Dogusan was also annulled in May 2010 after it got no bids.

Turk Hava Yollari (THYAO) AO, Turkey’s national carrier, advanced the most this month, adding 3.1 percent to 3.37 liras, after Deutsche Bank AG recommended investors buy the shares. Deutsche Bank raised the target price on the stock to 5.1 liras from 3.1 liras and upgraded it to buy from hold, according to an e-mailed report received today.

Turk Telekomunikasyon AS (TTKOM) , Turkey’s largest fixed line telephone operator, slid 1.4 percent to 7 liras. Turk Telekom had its price estimate cut to 7.5 liras from 8 liras at EFG Istanbul Securities and to 8.86 liras from 9.4 liras at Finans Invest, according to data compiled by Bloomberg.

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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