Bloomberg News

Turkish Stocks: Asya Katilim, Halkbank, Isbank Move in Istanbul

July 12, 2012

Turkey’s benchmark ISE National 100 Index (XU100) fell 1.2 percent to 62,324.64 at the close in Istanbul, declining for a second day and paring its advance this year to 22 percent.

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

Asya Katilim Bankasi AS (ASYAB) , an Islamic lender, advanced 3.2 percent, the most since April 25, to 1.91 liras after Citigroup Inc. upgraded the stock to buy from neutral. The shares were raised on valuation grounds even though there is still concern “earnings will remain under pressure in 2012,” Emre Izgi, an analyst at Citigroup, said in an e-mailed report today.

Turkiye Halk Bankasi AS (HALKB) , a state-run lender, and Turkiye Is Bankasi (ISATR) AS, Turkey’s biggest bank by assets, fell after Citigroup Inc. downgraded the shares. Halkbank dropped 1.4 percent to 14.20 liras and Isbank fell 2 percent to 4.83 liras. Halkbank was cut to neutral from buy and Isbank was cut to sell from neutral, “mainly on valuation grounds” as Turkish banks have outperformed regional peers, the report said.

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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