12/4/2009

International investors return to Istanbul Stock Exchange

Referans – Having made net sales worth USD 3 billion on the Istanbul bourse last year, international investors have sped up their purchasing routines since April. Vakifbank shares saw the highest demand from international investors as they occasioned net purchases worth USD 1.47 billion on the Istanbul Stock Exchange (ISE) during the first ten months of the year. Shares in the bank, Turkey’s third largest state-run financial institution, have long been among those in high demand on the ISE. At the end of 2008, international investors held 51.8 percent of the publicly offered shares in Vakifbank. As of November 17, they have increased that figure to 85.5 percent. International investors, who sold Vakifbank shares worth USD 196.6 million in 2008, have made net purchases worth USD 196.1 million during the first nine months of this year. The value gain of Vakifbank shares added up to 166 percent, while the bank’s profit for the first nine months of the year increased by 65 percent compared to the same period last year, rising to TRY 940.3 million. Vakifbank’s assets volume, meanwhile, grew by 16.7 percent in the first nine months of the year. International investors also purchased Akbank shares worth USD 40 million, reducing their shares in the country's biggest bank by market value to 52.1 percent from an earlier 62.5 percent. Last year, meanwhile, foreigners sold Akbank shares worth USD 235 million. The highest amount of foreign share transactions took place at Garanti Bank, the Turkish bank co-owned by General Electric. The foreign share in the company rose to 86.9 percent from 81.8 percent. Foreigners’ Garanti Bank share purchases added up to USD 198 million. The foreign share in publicly traded Yapi Kredi shares rose to 54.3 percent from 50 percent. These investors also purchased shares worth USD 70 million in the Yapi Kredi, which is co-owned by Italy's UniCredit SpA. They have further purchased Isbank C shares worth USD 194 million, increasing their share in Isbank to 64 from 57 percent. Foreign purchases of shares in the Turkish construction company Tekfen Holding were worth USD 53 million, while the shares of non-Turkish investors in the company rose to 61 percent from 42.9 percent. International investors also showed an interest in shares in Tofas, the Turkish manufacturer of cars for Fiat SpA, increasing their share in the company to 69.3 percent from 54.5 percent. The list of other companies, which are international investors' preferred choice when it comes to increasing their shares, included Alarko Holding, Albaraka Turk, Is Leasing, the Turkish Economy Bank, Turkish Airlines, Turk Telekom and Arcelik.
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